Avid Bioservices Inc (NASDAQ:CDMO) price on Friday, November 15, rose 1.76% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $12.14.
A look at the stock’s price movement, the close in the last trading session was $11.93, moving within a range at $12.02 and $12.17. The beta value (5-Year monthly) was 1.405. Turning to its 52-week performance, $12.48 and $4.07 were the 52-week high and 52-week low respectively. Overall, CDMO moved 19.61% over the past month.
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Avid Bioservices Inc’s market cap currently stands at around $776.42 million, with investors looking forward to this quarter’s earnings report slated for on 2024-Dec-05.
Analysts have a consensus estimate of 33.8M for the company’s revenue for the quarter, with a low and high estimate of 32.12M and 35.7M respectively. The average forecast suggests up to a 33.10% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 163.68M, representing a 16.99% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that CDMO is a 100% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
3 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 3 recommend CDMO as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
CDMO’s current price about 10.96% and 11.94% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 68.49, while 7-day volatility ratio is 1.57% and 3.31% in the 30-day chart. Further, Avid Bioservices Inc (CDMO) has a beta value of 1.43, and an average true range (ATR) of 0.41. Analysts have given the company’s stock an average 52-week price target of $8, forecast between a low of $8 and high of $8. Looking at the price targets, the low is 34.1% off current price level while to achieve the yearly target high, price needs to move 34.1%. Nonetheless, investors will most likely welcome a 34.1% jump to $8 which is the analysts’ median price.
If we refocus on Avid Bioservices Inc (NASDAQ:CDMO), historical trading data shows that trading volumes averaged 6.4 over the past 10 days and 1.62 million over the past 3 months. The company’s latest data on shares outstanding shows there are 63.57 million shares.
The 1.44% of Avid Bioservices Inc’s shares are in the hands of company insiders while institutional holders own 101.56% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 13.51 million on 2024-10-31, giving us a short ratio of 24.11. The data shows that as of 2024-10-31 short interest in Avid Bioservices Inc (CDMO) stood at 2141.0 of shares outstanding, with shares short rising to 12.72 million registered in 2024-09-30. Current price change has pushed the stock 86.77% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the CDMO stock continues to rise going into the next quarter.
