Avid Bioservices (CDMO) Receives $4.50 Average PT from Analysts

Shares of Avid Bioservices (NASDAQ:CDMO) have been assigned an average recommendation of “Buy” from the eight research firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $6.33.

Several research analysts have recently weighed in on the company. ValuEngine raised Avid Bioservices from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 2nd. Janney Montgomery Scott assumed coverage on Avid Bioservices in a research report on Monday, June 25th. They set a “buy” rating and a $10.00 price objective for the company. HC Wainwright assumed coverage on Avid Bioservices in a research report on Thursday, May 24th. They set a “buy” rating and a $5.00 price objective for the company. First Analysis assumed coverage on Avid Bioservices in a research report on Tuesday, March 13th. They set an “overweight” rating and a $4.00 price objective for the company. Finally, Wells Fargo & Co assumed coverage on Avid Bioservices in a research report on Thursday, March 15th. They set an “outperform” rating for the company.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CVI Holdings LLC bought a new stake in Avid Bioservices during the first quarter worth about $1,729,000. Bandera Partners LLC bought a new stake in Avid Bioservices during the first quarter worth about $2,984,000. Comerica Bank bought a new stake in Avid Bioservices during the first quarter worth about $131,000. Schwartz Investment Counsel Inc. bought a new stake in Avid Bioservices during the first quarter worth about $1,387,000. Finally, Citadel Advisors LLC bought a new stake in Avid Bioservices during the first quarter worth about $190,000. Institutional investors and hedge funds own 18.96% of the company’s stock.

Shares of Avid Bioservices traded up $0.04, hitting $3.92, on Friday, MarketBeat reports. 485,759 shares of the stock were exchanged, compared to its average volume of 677,688. The stock has a market capitalization of $215.54 million, a P/E ratio of -4.45 and a beta of 2.10. Avid Bioservices has a fifty-two week low of $2.24 and a fifty-two week high of $5.78.

About Avid Bioservices

Avid Bioservices, Inc operates as a contract development and manufacturing organization focusing on the development and cGMP manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, and cGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries.

Analyst Recommendations for Avid Bioservices (NASDAQ:CDMO)

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