Investment analysts at Craig Hallum assumed coverage on shares of Avid Bioservices (NASDAQ:CDMO) in a report issued on Wednesday, October 16th, Marketbeat reports. The brokerage set a “buy” rating and a $11.00 price target on the biopharmaceutical company’s stock. Craig Hallum’s target price would suggest a potential upside of 113.18% from the stock’s previous close.
A number of other research firms have also recently issued reports on CDMO. ValuEngine cut shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. TheStreet lowered shares of Avid Bioservices from a “c-” rating to a “d+” rating in a research report on Thursday, September 12th. Janney Montgomery Scott raised shares of Avid Bioservices from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a research report on Friday, June 28th. Zacks Investment Research lowered shares of Avid Bioservices from a “hold” rating to a “sell” rating in a research report on Wednesday, September 4th. Finally, HC Wainwright set a $11.00 price target on shares of Avid Bioservices and gave the company a “buy” rating in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $8.95.
CDMO traded up $0.07 during midday trading on Wednesday, hitting $5.16. 189,700 shares of the company were exchanged, compared to its average volume of 312,491. The company has a current ratio of 1.78, a quick ratio of 1.50 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $295.81 million, a price-to-earnings ratio of -30.35 and a beta of 2.69. The company’s 50 day simple moving average is $5.33 and its 200 day simple moving average is $5.28. Avid Bioservices has a 1-year low of $3.37 and a 1-year high of $7.15.
Avid Bioservices (NASDAQ:CDMO) last posted its earnings results on Thursday, September 5th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.05). The business had revenue of $15.25 million during the quarter, compared to analyst estimates of $14.37 million. Avid Bioservices had a negative net margin of 9.63% and a negative return on equity of 11.89%. The company’s revenue was up 21.1% compared to the same quarter last year. On average, equities analysts anticipate that Avid Bioservices will post -0.18 EPS for the current year.
In related news, major shareholder Joseph Carleone bought 15,247 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average price of $9.20 per share, with a total value of $140,272.40. Also, CEO Richard B. Hancock bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average cost of $5.09 per share, for a total transaction of $50,900.00. Company insiders own 1.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CDMO. Eagle Asset Management Inc. bought a new position in Avid Bioservices during the second quarter worth $59,000. Weiss Asset Management LP increased its position in Avid Bioservices by 82.8% during the first quarter. Weiss Asset Management LP now owns 24,958 shares of the biopharmaceutical company’s stock worth $106,000 after acquiring an additional 11,308 shares during the period. Zacks Investment Management bought a new position in Avid Bioservices during the second quarter worth $107,000. Valeo Financial Advisors LLC increased its position in Avid Bioservices by 238.9% during the second quarter. Valeo Financial Advisors LLC now owns 19,737 shares of the biopharmaceutical company’s stock worth $111,000 after acquiring an additional 13,913 shares during the period. Finally, Verity Asset Management Inc. bought a new position in Avid Bioservices during the third quarter worth $118,000. 43.17% of the stock is currently owned by institutional investors and hedge funds.
Avid Bioservices Company Profile
Avid Bioservices, Inc, a biologics contract development and manufacturing company, focuses on the development and current Good Manufacturing Practices (cGMP) manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, cGMP clinical, and commercial manufacturing services for the biotechnology and biopharmaceutical industries.
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