Avid Bioservices (CDMO) Upgraded by Zacks Investment Research to “Strong-Buy”

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Zacks Investment Research upgraded shares of Avid Bioservices (NASDAQ:CDMO) from a hold rating to a strong-buy rating in a report published on Thursday. They currently have $4.75 target price on the biopharmaceutical company’s stock.

According to Zacks, “Avid Bioservices, Inc. is a dedicated contract development and manufacturing organization focused on development and cGMP manufacturing of biopharmaceutical products derived from mammalian cell culture. The company provides process development, high quality cGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. It also offer process development activities, including cell line development and optimization, cell culture and feed optimization, analytical methods development and product characterization. Avid Bioservices Inc., formerly known as Peregrine Pharmaceuticals Inc., is based in TUSTIN, United States. “

Separately, HC Wainwright reissued a buy rating and set a $11.00 price target on shares of Avid Bioservices in a research report on Tuesday, December 11th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $8.58.

CDMO stock opened at $4.18 on Thursday. Avid Bioservices has a 12-month low of $2.41 and a 12-month high of $8.44. The stock has a market cap of $232.71 million, a price-to-earnings ratio of -8.30 and a beta of 2.61.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Monday, March 11th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.02. Avid Bioservices had a negative return on equity of 20.74% and a negative net margin of 3.52%. The firm had revenue of $13.78 million during the quarter, compared to the consensus estimate of $13.43 million. As a group, equities research analysts forecast that Avid Bioservices will post -0.21 EPS for the current year.

A number of hedge funds have recently bought and sold shares of CDMO. BlackRock Inc. lifted its stake in shares of Avid Bioservices by 9.7% during the third quarter. BlackRock Inc. now owns 3,576,949 shares of the biopharmaceutical company’s stock worth $24,538,000 after purchasing an additional 315,661 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Avid Bioservices by 5.5% during the third quarter. Vanguard Group Inc. now owns 2,330,198 shares of the biopharmaceutical company’s stock worth $15,985,000 after purchasing an additional 120,673 shares in the last quarter. Vanguard Group Inc lifted its stake in shares of Avid Bioservices by 5.5% during the third quarter. Vanguard Group Inc now owns 2,330,198 shares of the biopharmaceutical company’s stock worth $15,985,000 after purchasing an additional 120,673 shares in the last quarter. AltraVue Capital LLC acquired a new position in shares of Avid Bioservices during the fourth quarter worth about $5,411,000. Finally, Northern Trust Corp lifted its stake in shares of Avid Bioservices by 386.4% during the second quarter. Northern Trust Corp now owns 568,886 shares of the biopharmaceutical company’s stock worth $2,230,000 after purchasing an additional 451,916 shares in the last quarter. 39.95% of the stock is owned by hedge funds and other 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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