Avid Bioservices (NASDAQ:CDMO) Rating Lowered to Sell at Zacks Investment Research

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Zacks Investment Research cut shares of Avid Bioservices (NASDAQ:CDMO) from a hold rating to a sell rating in a report published on Monday, Zacks.com reports.

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. “

A number of other research firms have also commented on CDMO. ValuEngine lowered Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Janney Montgomery Scott lowered Unitil from a buy rating to a neutral rating and set a $59.79 price target for the company. in a research report on Friday, June 28th. HC Wainwright set a $73.00 price target on Uniqure and gave the company a buy rating in a research report on Monday, July 8th. Finally, TheStreet raised South Jersey Industries from a c+ rating to a b- rating in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. Avid Bioservices presently has a consensus rating of Buy and an average target price of $8.58.

CDMO opened at $6.26 on Monday. The firm’s 50 day simple moving average is $4.80. The company has a market cap of $347.49 million, a price-to-earnings ratio of -36.82 and a beta of 2.88. Avid Bioservices has a one year low of $3.37 and a one year high of $8.44.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Thursday, June 27th. The biopharmaceutical company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The business had revenue of $17.06 million during the quarter, compared to analyst estimates of $15.53 million. Avid Bioservices had a negative return on equity of 9.29% and a negative net margin of 7.86%. On average, research analysts expect that Avid Bioservices will post -0.07 EPS for the current year.

Large investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC bought a new position in shares of Avid Bioservices in the 1st quarter worth approximately $25,000. Harborview Advisors LLC bought a new position in shares of Avid Bioservices in the 1st quarter worth approximately $52,000. D. E. Shaw & Co. Inc. raised its position in shares of Avid Bioservices by 44.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 14,493 shares of the biopharmaceutical company’s stock worth $59,000 after acquiring an additional 4,444 shares in the last quarter. Meeder Asset Management Inc. raised its position in shares of Avid Bioservices by 42.6% in the 1st quarter. Meeder Asset Management Inc. now owns 17,243 shares of the biopharmaceutical company’s stock worth $73,000 after acquiring an additional 5,152 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of Avid Bioservices by 356.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 18,436 shares of the biopharmaceutical company’s stock worth $76,000 after acquiring an additional 14,398 shares in the last quarter. 38.58% 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.

Further Reading: Depreciation

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