Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating)’s stock price traded down 2.9% during trading on Wednesday . The stock traded as low as $14.30 and last traded at $14.30. 26 shares changed hands during trading, a decline of 100% from the average session volume of 609,889 shares. The stock had previously closed at $14.73.
Avid Bioservices Trading Down 2.7 %
The firm has a market capitalization of $890.90 million, a PE ratio of 8.10 and a beta of 1.81. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.61 and a current ratio of 1.94. The firm has a fifty day moving average of $16.50 and a 200 day moving average of $16.26.
Avid Bioservices (NASDAQ:CDMO – Get Rating) last announced its earnings results on Tuesday, September 6th. The biopharmaceutical company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). Avid Bioservices had a net margin of 97.93% and a return on equity of 10.03%. The company had revenue of $36.69 million for the quarter, compared to analysts’ expectations of $34.00 million. Equities research analysts expect that Avid Bioservices, Inc. will post 0.08 EPS for the current year.
Insider Buying and Selling at Avid Bioservices
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in CDMO. Jennison Associates LLC grew its position in shares of Avid Bioservices by 53.7% in the 3rd quarter. Jennison Associates LLC now owns 2,876,669 shares of the biopharmaceutical company’s stock worth $55,002,000 after acquiring an additional 1,005,100 shares in the last quarter. Royal Bank of Canada grew its position in shares of Avid Bioservices by 154.3% in the 3rd quarter. Royal Bank of Canada now owns 1,126,323 shares of the biopharmaceutical company’s stock worth $21,535,000 after acquiring an additional 683,470 shares in the last quarter. State Street Corp grew its position in shares of Avid Bioservices by 18.2% in the 1st quarter. State Street Corp now owns 4,403,082 shares of the biopharmaceutical company’s stock worth $89,691,000 after acquiring an additional 677,944 shares in the last quarter. AltraVue Capital LLC boosted its position in Avid Bioservices by 21.4% during the 2nd quarter. AltraVue Capital LLC now owns 2,735,240 shares of the biopharmaceutical company’s stock valued at $41,739,000 after purchasing an additional 481,874 shares during the period. Finally, Bessemer Group Inc. acquired a new position in Avid Bioservices during the 3rd quarter valued at approximately $8,749,000. Institutional investors and hedge funds own 98.80% of the company’s stock.
About Avid Bioservices
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.
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