Avid Bioservices Inc (NASDAQ: CDMO) stock jumped 7.14% on Friday to $5.55 against a previous-day closing price of $5.18. With 1.02 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.66 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $5.56 whereas the lowest price it dropped to was $5.10. The 52-week range on CDMO shows that it touched its highest point at $21.05 and its lowest point at $4.91 during that stretch. It currently has a 1-year price target of $18.50. Beta for the stock currently stands at 1.61.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CDMO was up-trending over the past week, with a rise of 9.04%, but this was down by -20.37% over a month. Three-month performance dropped to -54.36% while six-month performance fell -62.30%. The stock lost -62.01% in the past year, while it has lost -59.69% so far this year. A look at the trailing 12-month EPS for CDMO yields -0.05 with Next year EPS estimates of 0.07. For the next quarter, that number is -0.06. This implies an EPS growth rate of -1275.00% for this year and 155.32% for next year.
Float and Shares Shorts:
At present, 62.69 million CDMO shares are outstanding with a float of 62.61 million shares on hand for trading. On Oct 30, 2023, short shares totaled 5.39 million, which was 8.54% higher than short shares on Sep 28, 2023. In addition to Mr. Nicholas Stewart Green B.Sc., MBA as the firm’s President, CEO & Director, Mr. Daniel R. Hart serves as its Chief Financial Officer.
Through their ownership of 108.12% of CDMO’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 52.80% of CDMO, in contrast to 47.14% held by mutual funds. Shares owned by individuals account for 1.13%. As the largest shareholder in CDMO with 14.19% of the stake, BlackRock Fund Advisors holds 8,952,601 shares worth 8,952,601. A second-largest stockholder of CDMO, The Vanguard Group, Inc., holds 4,254,194 shares, controlling over 6.74% of the firm’s shares. T. Rowe Price Investment Manageme is the third largest shareholder in CDMO, holding 4,098,867 shares or 6.49% stake. With a 6.72% stake in CDMO, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 4,243,231 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.08% of CDMO stock, is the second-largest Mutual Fund holder. It holds 1,945,642 shares valued at 11.97 million. T Rowe Price Small Cap Stock Fund holds 3.07% of the stake in CDMO, owning 1,934,231 shares worth 11.9 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CDMO since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CDMO analysts setting a high price target of $22.00 and a low target of $15.00, the average target price over the next 12 months is $18.50. Based on these targets, CDMO could surge 296.4% to reach the target high and rise by 170.27% to reach the target low. Reaching the average price target will result in a growth of 233.33% from current levels.
Summary of Insider Activity:
Insiders traded CDMO stock several times over the past three months with 1 Buys and 0 Sells. In these transactions, 20,000 shares were bought while 0 shares were sold. The number of buy transactions has increased to 57 while that of sell transactions has risen to 41 over the past year. The total number of shares bought during that period was 366,859 while 207,356 shares were sold.