Royal Bank of Canada Raises Avid Bioservices (NASDAQ:CDMO) Price Target to $8.00

Avid Bioservices (NASDAQ:CDMO) had its price objective raised by equities researchers at Royal Bank of Canada from $7.00 to $8.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 3.90% from the stock’s previous close.

Avid Bioservices Stock Performance

CDMO traded up $0.14 during midday trading on Tuesday, hitting $7.70. 291,664 shares of the company were exchanged, compared to its average volume of 1,260,134. The company’s 50 day simple moving average is $7.01 and its 200 day simple moving average is $6.50. The firm has a market capitalization of $488.80 million, a price-to-earnings ratio of -27.70 and a beta of 1.63. The company has a current ratio of 0.46, a quick ratio of 0.31 and a debt-to-equity ratio of 0.04. Avid Bioservices has a 1-year low of $4.07 and a 1-year high of $18.86.

Institutional Investors Weigh In On Avid Bioservices

Several hedge funds have recently modified their holdings of CDMO. Wellington Management Group LLP lifted its stake in Avid Bioservices by 72.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,163,242 shares of the biopharmaceutical company’s stock valued at $10,981,000 after buying an additional 490,569 shares in the last quarter. Federated Hermes Inc. purchased a new position in Avid Bioservices in the 4th quarter valued at about $2,090,000. Roubaix Capital LLC lifted its stake in Avid Bioservices by 374.2% in the 4th quarter. Roubaix Capital LLC now owns 369,158 shares of the biopharmaceutical company’s stock valued at $2,400,000 after buying an additional 291,315 shares in the last quarter. Trexquant Investment LP purchased a new position in Avid Bioservices in the 4th quarter valued at about $1,259,000. Finally, Rafferty Asset Management LLC lifted its stake in Avid Bioservices by 96.6% in the 4th quarter. Rafferty Asset Management LLC now owns 381,159 shares of the biopharmaceutical company’s stock valued at $2,478,000 after buying an additional 187,280 shares in the last quarter. 97.16% of the stock is owned by hedge funds and other institutional investors.

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 of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.