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

01 Jul 2024, 04:32 by Danessa Lincoln · The Markets Daily

Avid Bioservices, Inc. (NASDAQ:CDMO – Get Free Report) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 15,080,000 shares, a growth of 31.0% from the May 31st total of 11,510,000 shares. Based on an average daily trading volume, of 1,030,000 shares, the short-interest ratio is presently 14.6 days.

Avid Bioservices Stock Performance

NASDAQ CDMO traded up $0.13 on Friday, reaching $7.14. The stock had a trading volume of 1,022,074 shares, compared to its average volume of 964,517. The business’s 50-day moving average price is $7.96 and its 200 day moving average price is $7.20. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $14.33. The stock has a market cap of $453.25 million, a P/E ratio of -26.44 and a beta of 1.50. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.31 and a current ratio of 0.46.

Avid Bioservices (NASDAQ:CDMO – Get Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Avid Bioservices had a negative net margin of 13.10% and a negative return on equity of 8.78%. The company had revenue of $33.82 million for the quarter, compared to analysts’ expectations of $33.80 million. As a group, equities analysts expect that Avid Bioservices will post -0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada upped their price objective on Avid Bioservices from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.67.

View Our Latest Report on Avid Bioservices

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 11,762 shares of Avid Bioservices stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $7.40, for a total value of $87,038.80. Following the completion of the transaction, the chief executive officer now owns 203,606 shares in the company, valued at approximately $1,506,684.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 17,236 shares of company stock valued at $127,546 in the last 90 days. Company insiders own 2.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Avid Bioservices by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,299 shares of the biopharmaceutical company’s stock worth $204,000 after purchasing an additional 1,649 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Avid Bioservices by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,661 shares of the biopharmaceutical company’s stock valued at $293,000 after acquiring an additional 2,900 shares in the last quarter. CWM LLC boosted its stake in shares of Avid Bioservices by 3,125.0% during the 4th quarter. CWM LLC now owns 6,708 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 6,500 shares during the last quarter. Mather Group LLC. purchased a new stake in Avid Bioservices in the 1st quarter worth approximately $46,000. Finally, Oxford Asset Management LLP acquired a new position in Avid Bioservices in the fourth quarter valued at $68,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Company Profile

(Get Free Report)