Brokerages expect Avid Bioservices Inc (NASDAQ:CDMO) to post sales of $10.75 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Avid Bioservices’ earnings, with the lowest sales estimate coming in at $8.00 million and the highest estimate coming in at $13.50 million. Avid Bioservices posted sales of $12.78 million in the same quarter last year, which suggests a negative year over year growth rate of 15.9%. The firm is scheduled to announce its next earnings results on Monday, December 10th.
On average, analysts expect that Avid Bioservices will report full year sales of $54.60 million for the current financial year, with estimates ranging from $54.20 million to $55.00 million. For the next financial year, analysts anticipate that the firm will post sales of $69.70 million, with estimates ranging from $67.40 million to $72.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Avid Bioservices.
Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Monday, September 10th. The biopharmaceutical company reported ($0.06) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.03. The business had revenue of $12.59 million during the quarter, compared to the consensus estimate of $9.95 million. Avid Bioservices had a negative return on equity of 60.06% and a negative net margin of 57.67%.
A number of equities analysts recently commented on the company. ValuEngine downgraded Avid Bioservices from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. HC Wainwright lifted their price target on Avid Bioservices from $6.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 11th. Finally, Zacks Investment Research downgraded 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, one has issued a hold rating and five have issued a buy rating to the company’s stock. Avid Bioservices currently has an average rating of “Buy” and a consensus target price of $8.33.
In other Avid Bioservices news, Director Joel Mccomb sold 50,000 shares of Avid Bioservices stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $6.53, for a total value of $326,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.92% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its stake in Avid Bioservices by 9.7% in the third quarter. BlackRock Inc. now owns 3,576,949 shares of the biopharmaceutical company’s stock valued at $24,538,000 after acquiring an additional 315,661 shares during the period. Bank of New York Mellon Corp boosted its stake in Avid Bioservices by 19.6% in the third quarter. Bank of New York Mellon Corp now owns 154,883 shares of the biopharmaceutical company’s stock valued at $1,062,000 after acquiring an additional 25,361 shares during the period. Granite Investment Partners LLC acquired a new position in Avid Bioservices in the third quarter valued at approximately $572,000. EAM Global Investors LLC acquired a new position in Avid Bioservices in the third quarter valued at approximately $1,404,000. Finally, EAM Investors LLC acquired a new position in Avid Bioservices in the third quarter valued at approximately $2,023,000. Institutional investors own 21.79% of the company’s stock.
NASDAQ:CDMO traded down $0.28 during mid-day trading on Monday, reaching $5.02. The stock had a trading volume of 335,860 shares, compared to its average volume of 235,337. The company has a market capitalization of $299.61 million, a price-to-earnings ratio of -10.04 and a beta of 2.61. Avid Bioservices has a 1-year low of $2.24 and a 1-year high of $8.44.
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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