Wall Street analysts expect that Avid Bioservices Inc (NASDAQ:CDMO) will report earnings of ($0.03) per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Avid Bioservices’ earnings, with the highest EPS estimate coming in at ($0.02) and the lowest estimate coming in at ($0.03). Avid Bioservices posted earnings of ($0.06) per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 50%. The firm is expected to announce its next earnings report on Monday, September 9th.
On average, analysts expect that Avid Bioservices will report full-year earnings of ($0.07) per share for the current year, with EPS estimates ranging from ($0.12) to ($0.03). For the next financial year, analysts forecast that the firm will post earnings of $0.12 per share, with EPS estimates ranging from $0.04 to $0.20. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Avid Bioservices.
Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Thursday, June 27th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.01. The firm had revenue of $17.06 million for the quarter, compared to the consensus estimate of $15.53 million. Avid Bioservices had a negative net margin of 7.86% and a negative return on equity of 9.29%.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of General Finance from a “buy” rating to a “hold” rating in a research report on Monday, July 15th. TheStreet upgraded shares of South Jersey Industries from a “c+” rating to a “b-” rating in a research note on Tuesday, July 9th. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Janney Montgomery Scott lowered shares of Unitil from a “buy” rating to a “neutral” rating and set a $59.79 price objective for the company. in a research note on Friday, June 28th. Finally, HC Wainwright set a $73.00 price objective on shares of Uniqure and gave the company a “buy” rating in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. Avid Bioservices has an average rating of “Buy” and an average target price of $8.58.
Shares of NASDAQ CDMO traded down $0.15 during midday trading on Friday, reaching $6.11. The stock had a trading volume of 173,322 shares, compared to its average volume of 959,480. The company has a market cap of $343.02 million, a price-to-earnings ratio of -35.94 and a beta of 2.88. Avid Bioservices has a twelve month low of $3.37 and a twelve month high of $8.44. The firm has a 50 day simple moving average of $4.85.
Several large investors have recently added to or reduced their stakes in the company. AltraVue Capital LLC increased its stake in shares of Avid Bioservices by 49.7% in the 1st quarter. AltraVue Capital LLC now owns 1,975,475 shares of the biopharmaceutical company’s stock valued at $8,396,000 after acquiring an additional 655,507 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Avid Bioservices by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 527,772 shares of the biopharmaceutical company’s stock valued at $2,163,000 after acquiring an additional 27,685 shares in the last quarter. Roubaix Capital LLC bought a new stake in shares of Avid Bioservices in the 1st quarter valued at $2,077,000. Legato Capital Management LLC increased its stake in shares of Avid Bioservices by 66.4% in the 1st quarter. Legato Capital Management LLC now owns 395,823 shares of the biopharmaceutical company’s stock valued at $1,682,000 after acquiring an additional 158,003 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Avid Bioservices by 128.1% in the 1st quarter. Marshall Wace LLP now owns 274,945 shares of the biopharmaceutical company’s stock valued at $1,168,000 after acquiring an additional 154,393 shares in the last quarter. Institutional investors own 38.58% of the company’s stock.
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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