Avid Bioservices, Inc. (NASDAQ:CDMO) Sees Significant Decline in Short Interest

Avid Bioservices, Inc. (NASDAQ:CDMO) was the target of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 11,720,000 shares, a decrease of 13.2% from the October 31st total of 13,510,000 shares. Based on an average daily trading volume, of 1,790,000 shares, the short-interest ratio is presently 6.5 days.

Avid Bioservices Stock Down 0.2 %

CDMO stock traded down $0.03 during trading on Tuesday, hitting $12.29. 666,978 shares of the stock traded hands, compared to its average volume of 1,332,299. Avid Bioservices has a 1 year low of $4.07 and a 1 year high of $12.48. The firm’s 50 day moving average is $11.11 and its two-hundred day moving average is $9.90. The stock has a market cap of $783.98 million, a price-to-earnings ratio of -5.43 and a beta of 1.44. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.46 and a quick ratio of 1.05.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Monday, September 9th. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. Avid Bioservices had a negative net margin of 101.26% and a negative return on equity of 16.53%. The company had revenue of $40.17 million for the quarter, compared to the consensus estimate of $39.50 million. On average, sell-side analysts anticipate that Avid Bioservices will post -0.38 EPS for the current year.

Insider Buying and Selling at Avid Bioservices

In other Avid Bioservices news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $10.05, for a total value of $172,588.65. Following the completion of the transaction, the chief executive officer now directly owns 226,653 shares in the company, valued at approximately $2,277,862.65. This represents a 7.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 19,323 shares of company stock valued at $194,208 in the last quarter. Company insiders own 3.05% of the company’s stock.

Institutional Trading of Avid Bioservices

Institutional investors have recently made changes to their positions in the stock. Quest Partners LLC purchased a new stake in shares of Avid Bioservices during the 3rd quarter valued at about $38,000. Meeder Asset Management Inc. purchased a new stake in shares of Avid Bioservices during the 2nd quarter valued at about $38,000. Point72 DIFC Ltd purchased a new stake in shares of Avid Bioservices during the 2nd quarter valued at about $57,000. Principal Financial Group Inc. purchased a new stake in shares of Avid Bioservices during the 2nd quarter valued at about $80,000. Finally, TradeLink Capital LLC purchased a new stake in shares of Avid Bioservices during the 2nd quarter valued at about $92,000. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Analysts Set New Price Targets

CDMO has been the subject of several research reports. StockNews.com upgraded shares of Avid Bioservices to a “sell” rating in a report on Tuesday, September 10th. William Blair reiterated a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens reiterated an “overweight” rating and issued a $12.00 price target on shares of Avid Bioservices in a research note on Tuesday, September 10th. Finally, Craig Hallum lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $13.63.

Avid Bioservices Company Profile

Avid Bioservices, Inc operates as a contract development and manufacturing organization for the biotechnology and biopharmaceutical industries in the United States. It provides process development and current good manufacturing practice clinical and commercial manufacturing services of biologics, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, regulatory submission and support, upstream and downstream development and optimization, analytical methods development, cell line development, testing, and characterization services.