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

Avid Bioservices (NASDAQ:CDMO) had its target price raised by research analysts at Royal Bank of Canada from $7.00 to $8.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 4.30% from the company’s previous close.

Avid Bioservices Trading Up 0.5 %

Shares of NASDAQ CDMO opened at $7.67 on Tuesday. The stock’s 50 day simple moving average is $7.02 and its 200 day simple moving average is $6.51. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $18.86. The company has a market cap of $486.89 million, a price-to-earnings ratio of -28.41 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.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CDMO. Advisor Partners II LLC acquired a new stake in shares of Avid Bioservices in the 3rd quarter worth approximately $98,000. Punch & Associates Investment Management Inc. boosted its holdings in Avid Bioservices by 15.1% during the third quarter. Punch & Associates Investment Management Inc. now owns 1,186,639 shares of the biopharmaceutical company’s stock worth $11,202,000 after buying an additional 155,817 shares in the last quarter. Roubaix Capital LLC bought a new position in shares of Avid Bioservices in the third quarter valued at $735,000. TD Asset Management Inc boosted its position in shares of Avid Bioservices by 5.9% in the 3rd quarter. TD Asset Management Inc now owns 114,830 shares of the biopharmaceutical company’s stock valued at $1,084,000 after purchasing an additional 6,400 shares during the period. Finally, Kornitzer Capital Management Inc. KS increased its stake in Avid Bioservices by 3.1% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 804,760 shares of the biopharmaceutical company’s stock worth $7,597,000 after purchasing an additional 24,305 shares in the last quarter. Institutional investors and hedge funds own 97.16% of the company’s stock.

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.