Avid Bioservices (NASDAQ:CDMO) is scheduled to release its earnings data after the market closes on Monday, September 10th. Analysts expect Avid Bioservices to post earnings of ($0.09) per share for the quarter.
Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Monday, July 16th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.20. Avid Bioservices had a negative return on equity of 58.67% and a negative net margin of 40.68%. The firm had revenue of $6.94 million during the quarter, compared to analyst estimates of $6.51 million. On average, analysts expect Avid Bioservices to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.
Shares of CDMO stock opened at $7.12 on Friday. Avid Bioservices has a 52-week low of $2.24 and a 52-week high of $7.33. The company has a market cap of $394.17 million, a P/E ratio of -14.44 and a beta of 2.34.
A number of brokerages recently issued reports on CDMO. HC Wainwright began coverage on Avid Bioservices in a research note on Thursday, May 24th. They set a “buy” rating and a $5.00 price target for the company. ValuEngine raised Avid Bioservices from a “sell” rating to a “hold” rating in a research note on Friday, June 1st. Janney Montgomery Scott began coverage on Avid Bioservices in a research note on Monday, June 25th. They set a “buy” rating and a $10.00 price target for the company. Finally, Zacks Investment Research lowered Avid Bioservices from a “hold” rating to a “sell” rating in a research note on Thursday, July 19th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $7.50.
A hedge fund recently raised its stake in Avid Bioservices stock. Bank of New York Mellon Corp boosted its position in shares of Avid Bioservices Inc (NASDAQ:CDMO) by 296.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 129,522 shares of the biopharmaceutical company’s stock after purchasing an additional 96,851 shares during the quarter. Bank of New York Mellon Corp owned about 0.23% of Avid Bioservices worth $507,000 as of its most recent filing with the Securities & Exchange Commission. 21.72% of the stock is owned by institutional investors and hedge funds.
About Avid Bioservices
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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