Is Avid Bioservices Inc. (NASDAQ: CDMO) Back In The Buying Zone?

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    IsZo Capital Management LP recently announced the acquisition of new stake in Avid Bioservices Inc. (NASDAQ:CDMO). The institutional investor has increased its shareholding in the Healthcare company by 33.78% to 5.65 million shares with purchase of 1.43 million shares. This fresh investment now brings its stake to 10.00% valued currently at $32.97 million. In addition, The Vanguard Group, Inc. raised its holdings by 51925.0 to 2.53 million shares. And Snyder Capital Management LP has lifted its position by 4.51% or 98519.0 shares – to 2.28 million shares.

    With over 0.5 million Avid Bioservices Inc. (CDMO) shares trading Monday and a closing price of $6.88 on the day, the dollar volume was approximately $3.44 million. The shares have shown a negative weekly performance of -1.99% and its price on 07/13/20 lost nearly -1.01%. Currently, there are 56.48M common shares owned by the public and among those 52.37M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for CDMO have a consensus price objective of $9.67. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $9.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Avid Bioservices Inc. stock is 1.70 for the next 12 months. The average price target is 28.85% above its last price level and an upside to the estimated low will see the stock gain 23.56% over that period. But an upside of 31.2% will see the stock hit the forecast high price target while mean target price for the stock is $10.00.

    Insiders at the company have transacted a total of 16 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 15 of these insider trades were purchases, accounting for 117,871 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 1,679 shares.

    The top 3 mutual fund holders in Avid Bioservices Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 1.65 million shares of the company’s stock, all valued at over $9.65 million. iShares Russell 2000 ETF bought 11554.0 shares to see its total holdings expand to 1.16 million shares valued at over $6.75 million and representing 2.05% of the shares outstanding. Vanguard Extended Market Index Fu bought 14542.0 shares to bring its total holdings to over 0.67 million shares at a value of $3.93 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.19% of the shares outstanding.

    Shares of Avid Bioservices Inc. (NASDAQ: CDMO) opened at $6.88, down -$0.07 from a prior closing price of $6.95. However, the script later closed the day at $6.88, down -1.01%. The company’s stock has a 5-day price change of -1.99% and 57.08% over the past three months. CDMO shares are trading -10.30% year to date (YTD), with the 12-month market performance up to 12.97% higher. It has a 12-month low price of $3.02 and touched a high of $8.38 over the same period. Currently, 0.5 million shares have been traded, compared to an average intraday trading volume of 411.24K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.01%, 13.55%, and 17.60% respectively.

    Institutional ownership of Avid Bioservices Inc. (NASDAQ: CDMO) shares accounts for 58.90% of the company’s 56.48M shares outstanding. Mutual fund holders own 14.05%, while other institutional holders and individual stakeholders account for 51.38% and 0.58% respectively.

    It has a market capitalization of $376.47M and a beta (3y monthly) value of 2.24. The earnings-per-share (ttm) stands at -$0.27. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.28% over the week and 7.23% over the month.

    Analysts forecast that Avid Bioservices Inc. (CDMO) will achieve an EPS of -$0.07 for the current quarter, -$0.02 for the next quarter and $0.04 for 2022. The lowest estimate earnings-per-share for the quarter is -$0.11 while analysts give the company a high EPS estimate of -$0.04. Comparatively, EPS for the current quarter was -$0.08 a year ago. Earnings per share for the fiscal year are expected to decrease by -54.60%, and 126.70% over the next financial year. EPS should shrink at an annualized rate of 15.00% over the next five years, compared to 33.50% over the past 5-year period.

    Looking at the support for the CDMO, a number of firms have released research notes about the stock. First Analysis Sec stated their Strong Buy rating for the stock in a research note on December 10, 2019, with the firm’s price target at. Stephens coverage for the Avid Bioservices Inc. (CDMO) stock in a research note released on October 17, 2019 offered a Overweight rating with a price target of $8. Craig Hallum was of a view on October 16, 2019 that the stock is Buy, while Janney gave the stock Buy rating on June 28, 2019, issuing a price target of $10. Janney on their part issued Neutral rating on May 09, 2019.

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