With 39.43% Distance From Low, Is Avid Bioservices Inc (NASDAQ:CDMO) Still Renewed For Growth?

In last trading session, Avid Bioservices Inc (NASDAQ:CDMO) saw 0.6 million shares changing hands with its beta currently measuring 1.63. Company’s recent per share price level of $6.72 trading at $0.1 or 1.51% at ring of the bell on the day assigns it a market valuation of $424.97M. That closing price of CDMO’s stock is at a discount of -213.24% from its 52-week high price of $21.05 and is indicating a premium of 39.43% from its 52-week low price of $4.07. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 0.95 million shares which gives us an average trading volume of 1.49 million if we extend that period to 3-months.

Avid Bioservices Inc (NASDAQ:CDMO) trade information

Upright in the green during last session for gaining 1.51%, in the last five days CDMO remained trading in the green while hitting it’s week-highest on Friday, 02/09/24 when the stock touched $6.72 price level, adding 1.61% to its value on the day. Avid Bioservices Inc’s shares saw a change of 3.38% in year-to-date performance and have moved 8.39% in past 5-day. Avid Bioservices Inc (NASDAQ:CDMO) showed a performance of 3.86% in past 30-days. Number of shares sold short was 5.54 million shares which calculate 2.9 days to cover the short interests.

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Avid Bioservices Inc (CDMO) estimates and forecasts

Statistics highlight that Avid Bioservices Inc is scoring comparatively lower than the scores of other players of the relevant industry. The company lost -47.62% of value to its shares in past 6 months, showing an annual growth rate of -87.50% while that of industry is 15.80. Apart from that, the company came lowering its revenue forecast for fiscal year 2024.

In 2024, company’s earnings growth rate is likely to be around -2700.00% while estimates for its earnings growth in next 5 years are of 15.00%.

CDMO Dividends

Avid Bioservices Inc is more likely to be releasing its next quarterly report between March 11 and March 15 and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

Avid Bioservices Inc (NASDAQ:CDMO)’s Major holders

Insiders are in possession of 0.94% of company’s total shares while institution are holding 99.59 percent of that, with stock having share float percentage of 100.53%. Investors also watch the number of corporate investors in a company very closely, which is 99.59% institutions for Avid Bioservices Inc that are currently holding shares of the company. Blackrock Inc. is the top institutional holder at CDMO for having 9.82 million shares of worth $137.12 million. And as of Jun 29, 2023, it was holding 15.55% of the company’s outstanding shares.

The second largest institutional holder is Vanguard Group Inc, which was holding about 4.41 million shares on Jun 29, 2023. The number of shares represents firm’s hold over 6.99% of outstanding shares, having a total worth of $61.66 million.

On the other hand, iShares Core S&P Smallcap ETF and Vanguard Total Stock Market Index Fund are the top two Mutual Funds which own company’s shares. As of Sep 29, 2023, the former fund manager was holding 4.24 million shares of worth $40.0 million or 6.71% of the total outstanding shares. The later fund manager was in possession of 1.95 million shares on Jun 29, 2023, making its stake of worth around $27.18 million in the company or a holder of 3.08% of company’s stock.

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