Analysts predict that Avid Bioservices Inc (NASDAQ:CDMO) will report earnings of ($0.09) per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Avid Bioservices’ earnings. The highest EPS estimate is ($0.01) and the lowest is ($0.16). Avid Bioservices reported earnings per share of ($0.06) in the same quarter last year, which would suggest a negative year-over-year growth rate of 50%. The company is expected to issue its next earnings report after the market closes on Monday, September 10th.
On average, analysts expect that Avid Bioservices will report full-year earnings of ($0.20) per share for the current financial year, with EPS estimates ranging from ($0.33) to ($0.03). For the next financial year, analysts anticipate that the firm will report earnings of $0.02 per share, with EPS estimates ranging from ($0.07) to $0.14. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow Avid Bioservices.
Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Monday, July 16th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.20. The firm had revenue of $6.94 million for the quarter, compared to analysts’ expectations of $6.51 million. Avid Bioservices had a negative net margin of 40.68% and a negative return on equity of 58.67%.
A number of analysts have weighed in on CDMO shares. Zacks Investment Research cut shares of Avid Bioservices from a “hold” rating to a “sell” rating in a report on Thursday, July 19th. ValuEngine raised shares of Avid Bioservices from a “hold” rating to a “buy” rating in a report on Thursday, August 30th. HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of Avid Bioservices in a report on Tuesday, July 17th. Finally, Janney Montgomery Scott started coverage on shares of Avid Bioservices in a report on Monday, June 25th. They set a “buy” rating and a $10.00 target price on the stock. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $7.50.
CDMO opened at $7.04 on Thursday. The firm has a market capitalization of $409.85 million, a P/E ratio of -14.08 and a beta of 2.33. Avid Bioservices has a 12-month low of $2.24 and a 12-month high of $7.33.
Several large investors have recently modified their holdings of CDMO. Comerica Bank acquired a new stake in shares of Avid Bioservices during the first quarter worth $131,000. Commonwealth Equity Services LLC bought a new position in shares of Avid Bioservices during the first quarter worth about $156,000. Rhumbline Advisers bought a new position in shares of Avid Bioservices during the second quarter worth about $174,000. Citadel Advisors LLC bought a new position in shares of Avid Bioservices during the first quarter worth about $190,000. Finally, California Public Employees Retirement System bought a new position in shares of Avid Bioservices during the first quarter worth about $200,000. 21.72% of the stock is currently owned by institutional investors.
Avid Bioservices Company Profile
Avid Bioservices, Inc, a biologics contract development and manufacturing company, focuses on the development and current Good Manufacturing Practices (cGMP) manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, cGMP clinical, and commercial manufacturing services for the biotechnology and biopharmaceutical industries.
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