Avid Bioservices - CDMO Stock Forecast, Price & News

Avid Bioservices, Inc., a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. The company produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support. It also provides various process development services, such as upstream and downstream development and optimization, analytical methods development, testing, and characterization. The company serves biotechnology and biopharmaceutical industries. The company was formerly known as Peregrine Pharmaceuticals, Inc. and changed its name to Avid Bioservices, Inc. in January 2018. Avid Bioservices, Inc. was incorporated in 1981 and is headquartered in Tustin, California.

Avid Bioservices Stock Up 0.7 %

NASDAQ:CDMO traded up $0.13 during midday trading on Friday, reaching $19.10. The company had a trading volume of 14 shares, compared to its average volume of 593,637. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 10.25 and a beta of 2.15. The stock's fifty day simple moving average is $16.54 and its 200-day simple moving average is $17.28. Avid Bioservices has a 12-month low of $11.30 and a 12-month high of $34.51. The company has a current ratio of 2.38, a quick ratio of 2.03 and a debt-to-equity ratio of 0.81.

Avid Bioservices (NASDAQ:CDMO - Get Rating) last announced its quarterly earnings results on Wednesday, June 29th. The biopharmaceutical company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.06. The company had revenue of $31.23 million during the quarter, compared to the consensus estimate of $29.20 million. Avid Bioservices had a return on equity of 19.70% and a net margin of 106.75%. On average, sell-side analysts anticipate that Avid Bioservices will post 0.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Royal Bank of Canada lowered their price target on Avid Bioservices from $32.00 to $22.00 and set an "outperform" rating for the company in a research report on Thursday, June 30th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $26.67.

Insider Transactions at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 19,058 shares of Avid Bioservices stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $19.22, for a total transaction of $366,294.76. Following the sale, the chief executive officer now owns 69,708 shares in the company, valued at $1,339,787.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Avid Bioservices news, Director Richard B. Hancock sold 5,000 shares of Avid Bioservices stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $19.40, for a total value of $97,000.00. Following the sale, the director now owns 37,215 shares of the company's stock, valued at approximately $721,971. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas Stewart Green sold 19,058 shares of Avid Bioservices stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $19.22, for a total value of $366,294.76. Following the completion of the sale, the chief executive officer now directly owns 69,708 shares in the company, valued at approximately $1,339,787.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 73,196 shares of company stock worth $1,304,059. Corporate insiders own 1.49% of the company's stock.