Avid Bioservices, Inc. (NASDAQ: CDMO) General Counsel Mark R. Ziebell sold 6,829 Avid Bioservices shares in a trade on Monday, December 27. The shares were sold for an average price of $ 30.27, for a total value of $ 206,713.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Actions of NASDAQ: CDMO traded up $ 1.03 in the midday session Wednesday, reaching $ 30.31. The company had a trading volume of 340,556 shares, compared to an average volume of 729,116. Avid Bioservices, Inc. has a 12-month low of $ 11.10 and a 12-month high of $ 34.51. The company has a current ratio of 2.98, a quick ratio of 2.68, and a debt ratio of 2.77. The stock has a market cap of $ 1.87 billion, a price-to-earnings ratio of 233.17 and a beta of 2.33. The company has a fifty-day simple moving average of $ 30.11 and a 200-day simple moving average of $ 26.17.

Avid Bioservices (NASDAQ: CDMO) last released its results on Tuesday, December 7. The biopharmaceutical company reported earnings per share of $ 0.06 for the quarter, beating the Thomson Reuters consensus estimate of $ 0.02 by $ 0.04. Avid Bioservices recorded a return on equity of 22.76% and a net margin of 13.20%. In the same quarter of last year, the company achieved EPS of $ 0.01. Stock analysts predict that Avid Bioservices, Inc. will post 0.27 EPS for the current fiscal year.

The CDMO has been the subject of several research reports. Craig Hallum raised his price target on Avid Bioservices from $ 29 to $ 35 and gave the company a “buy” rating in a research note on Wednesday, December 8. Zacks investment research downgraded Avid Bioservices from a “sell” rating to a “keep” rating and set a target price of $ 31.00 for the company in a research note on Wednesday, December 8. Royal Bank of Canada raised its price target on Avid Bioservices from $ 27.00 to $ 32.00 and assigned the company an “outperformance” rating in a research note on Wednesday, December 8. Finally, TheStreet downgraded Avid Bioservices from a “b-” rating to a “c” rating in a Wednesday, December 8 research note. One analyst rated the stock with a conservation rating and three gave the company’s stock a buy rating. According to MarketBeat.com, Avid Bioservices currently has a consensus rating of “Buy” and an average price target of $ 31.50.

A number of hedge funds have recently bought and sold shares of CDMOs. Royal Bank of Canada increased its holdings in Avid Bioservices by 64.0% in the first quarter. Royal Bank of Canada now owns 5,940 shares of the biopharmaceutical company valued at $ 108,000 after acquiring 2,319 additional shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Avid Bioservices during the second quarter worth approximately $ 191,000. Arizona State Retirement System purchased a new position in Avid Bioservices during the second quarter valued at approximately $ 424,000. Victory Capital Management Inc. purchased a new position in Avid Bioservices during the second quarter valued at approximately $ 493,000. Finally, GSA Capital Partners LLP purchased a new position in Avid Bioservices during the second quarter valued at approximately $ 502,000. Hedge funds and other institutional investors hold 85.80% of the company’s shares.

About Avid Bioservices

Avid Bioservices, Inc engages in commercial manufacturing. The company focuses on biopharmaceuticals derived from culturing mammalian cells for cultivation for biotechnology and pharmaceutical companies. It specializes in the manufacturing of clinical and commercial products, purification, bulk packaging, stability testing, and regulatory submissions and assistance.

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