Avid Bioservices (NASDAQ:CDMO) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Avid Bioservices, Inc. (NASDAQ:CDMO) saw unusually-high trading volume on Wednesday . Approximately 697,455 shares traded hands during mid-day trading, a decline of 36% from the previous session’s volume of 1,088,705 shares.The stock last traded at $12.38 and had previously closed at $12.42.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CDMO. Craig Hallum cut shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. William Blair reissued a “market perform” rating on shares of Avid Bioservices in a research note on Thursday, November 7th. Stephens lowered shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $12.50 price target (up from $12.00) on shares of Avid Bioservices in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, Avid Bioservices presently has an average rating of “Hold” and an average price target of $12.25.

Avid Bioservices Stock Performance

The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 3.58. The firm’s 50-day moving average is $12.30 and its 200 day moving average is $10.88.

Insider Activity

In related news, insider Richard A. Richieri sold 2,283 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $12.37, for a total value of $28,240.71. Following the sale, the insider now directly owns 49,535 shares in the company, valued at $612,747.95. This represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Daniel R. Hart sold 22,813 shares of the firm’s 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 $278,774.86. Following the transaction, the chief financial officer now owns 110,980 shares of the company’s stock, valued at approximately $1,356,175.60. The trade was a 17.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 349,850 shares of company stock valued at $4,288,259. Insiders own 3.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FNY Investment Advisers LLC acquired a new stake in Avid Bioservices during the fourth quarter worth approximately $308,000. Harbor Capital Advisors Inc. grew its position in shares of Avid Bioservices by 1.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,124,351 shares of the biopharmaceutical company’s stock worth $13,886,000 after buying an additional 11,759 shares during the period. JPMorgan Chase & Co. grew its position in shares of Avid Bioservices by 283.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 108,684 shares of the biopharmaceutical company’s stock worth $1,237,000 after buying an additional 80,308 shares during the period. Lord Abbett & CO. LLC bought a new stake in shares of Avid Bioservices in the 3rd quarter valued at $6,194,000. Finally, Franklin Resources Inc. lifted its position in shares of Avid Bioservices by 11.5% during the 3rd quarter. Franklin Resources Inc. now owns 60,780 shares of the biopharmaceutical company’s stock valued at $692,000 after acquiring an additional 6,259 shares during the period. 97.16% of the stock is owned by institutional investors and hedge funds.

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.