Avid Bioservices, Inc. (NASDAQ:CDMO) Short Interest Update

Avid Bioservices, Inc. (NASDAQ:CDMO) was the target of a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 10,710,000 shares, a decline of 8.0% from the November 30th total of 11,640,000 shares. Based on an average daily trading volume, of 1,830,000 shares, the short-interest ratio is presently 5.9 days.

Insider Buying and Selling at Avid Bioservices

In other news, CEO Nicholas Stewart Green sold 17,173 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $10.05, for a total transaction of $172,588.65. Following the completion of the sale, the chief executive officer now owns 226,653 shares of the company’s stock, valued at $2,277,862.65. This represents a 7.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Richard A. Richieri sold 3,843 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $12.22, for a total transaction of $46,961.46. Following the completion of the transaction, the insider now owns 44,556 shares in the company, valued at $544,474.32. This trade represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 366,890 shares of company stock worth $4,454,227. Insiders own 3.05% of the company’s stock.

Institutional Trading of Avid Bioservices

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in Avid Bioservices by 8.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 260,313 shares of the biopharmaceutical company’s stock valued at $1,859,000 after buying an additional 19,960 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Avid Bioservices by 28.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,741 shares of the biopharmaceutical company’s stock worth $98,000 after acquiring an additional 3,041 shares during the last quarter. Principal Financial Group Inc. purchased a new position in Avid Bioservices during the second quarter valued at $80,000. Rhumbline Advisers increased its holdings in Avid Bioservices by 6.1% in the 2nd quarter. Rhumbline Advisers now owns 94,682 shares of the biopharmaceutical company’s stock valued at $676,000 after acquiring an additional 5,408 shares during the last quarter. Finally, Rice Hall James & Associates LLC lifted its stake in Avid Bioservices by 45.8% in the 2nd quarter. Rice Hall James & Associates LLC now owns 570,089 shares of the biopharmaceutical company’s stock worth $4,070,000 after purchasing an additional 178,992 shares in the last quarter. Institutional investors own 97.16% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CDMO. StockNews.com upgraded Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Craig Hallum cut Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Avid Bioservices in a research report on Thursday, November 7th. Stephens downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $12.50 target price (up previously from $12.00) on shares of Avid Bioservices in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.25.

Avid Bioservices Price Performance

CDMO stock traded up $0.02 during trading on Wednesday, reaching $12.35. The company’s stock had a trading volume of 1,821,817 shares, compared to its average volume of 1,312,491. The company’s fifty day moving average is $11.87 and its 200-day moving average is $10.51. Avid Bioservices has a 1 year low of $5.65 and a 1 year high of $12.48. The company has a market capitalization of $789.94 million, a P/E ratio of -5.17 and a beta of 1.44. The company has a quick ratio of 1.05, a current ratio of 1.30 and a debt-to-equity ratio of 3.58.

About Avid Bioservices

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.