Wall Street brokerages predict that Avid Bioservices Inc (NASDAQ:CDMO) will announce earnings of ($0.07) per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Avid Bioservices’ earnings, with the lowest EPS estimate coming in at ($0.10) and the highest estimate coming in at ($0.05). Avid Bioservices posted earnings per share of ($0.23) during the same quarter last year, which indicates a positive year-over-year growth rate of 69.6%. The company is expected to report its next earnings report on Monday, March 11th.
According to Zacks, analysts expect that Avid Bioservices will report full-year earnings of ($0.21) per share for the current year, with EPS estimates ranging from ($0.21) to ($0.20). For the next financial year, analysts anticipate that the firm will post earnings of $0.08 per share, with EPS estimates ranging from ($0.07) to $0.31. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that cover Avid Bioservices.
Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, December 10th. The biopharmaceutical company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. Avid Bioservices had a negative net margin of 31.20% and a negative return on equity of 38.67%. The business had revenue of $10.18 million for the quarter, compared to the consensus estimate of $10.75 million.
CDMO has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Avid Bioservices from a “hold” rating to a “buy” rating and set a $5.75 price target on the stock in a report on Wednesday, December 12th. HC Wainwright restated a “buy” rating and set a $11.00 price target on shares of Avid Bioservices in a report on Tuesday, December 11th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $7.25.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its position in Avid Bioservices by 9.7% during the third quarter. BlackRock Inc. now owns 3,576,949 shares of the biopharmaceutical company’s stock valued at $24,538,000 after purchasing an additional 315,661 shares in the last quarter. Vanguard Group Inc. grew its position in Avid Bioservices by 5.5% during the third quarter. Vanguard Group Inc. now owns 2,330,198 shares of the biopharmaceutical company’s stock valued at $15,985,000 after purchasing an additional 120,673 shares in the last quarter. Vanguard Group Inc grew its position in Avid Bioservices by 5.5% during the third quarter. Vanguard Group Inc now owns 2,330,198 shares of the biopharmaceutical company’s stock valued at $15,985,000 after purchasing an additional 120,673 shares in the last quarter. Northern Trust Corp grew its position in Avid Bioservices by 386.4% during the second quarter. Northern Trust Corp now owns 568,886 shares of the biopharmaceutical company’s stock valued at $2,230,000 after purchasing an additional 451,916 shares in the last quarter. Finally, EAM Investors LLC purchased a new position in Avid Bioservices during the third quarter valued at approximately $2,023,000. 30.17% of the stock is currently owned by hedge funds and other institutional investors.
CDMO stock opened at $3.85 on Friday. Avid Bioservices has a 52-week low of $2.24 and a 52-week high of $8.44. The company has a market cap of $219.79 million, a PE ratio of -7.70 and a beta of 2.57.
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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