Avid Bioservices Inc (CDMO) Receives $8.33 Consensus Target Price from Brokerages

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Shares of Avid Bioservices Inc (NASDAQ:CDMO) have earned an average recommendation of “Buy” from the six analysts that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $8.33.

Several brokerages recently commented on CDMO. Zacks Investment Research raised Avid Bioservices from a “hold” rating to a “buy” rating and set a $5.75 price objective for the company in a report on Wednesday, December 12th. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Avid Bioservices in a report on Tuesday, December 11th.

Institutional investors and hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. grew its holdings in Avid Bioservices by 110.5% during the fourth quarter. Meeder Asset Management Inc. now owns 12,091 shares of the biopharmaceutical company’s stock valued at $49,000 after purchasing an additional 6,347 shares during the period. Strs Ohio bought a new stake in Avid Bioservices during the fourth quarter valued at about $63,000. Virtu Financial LLC bought a new stake in Avid Bioservices during the fourth quarter valued at about $71,000. Bank of Montreal Can grew its holdings in Avid Bioservices by 6,276.7% during the third quarter. Bank of Montreal Can now owns 22,956 shares of the biopharmaceutical company’s stock valued at $158,000 after purchasing an additional 22,596 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in Avid Bioservices during the third quarter valued at about $163,000. 30.17% of the stock is owned by institutional investors.

CDMO stock opened at $3.85 on Friday. Avid Bioservices has a 1-year low of $2.24 and a 1-year high of $8.44. The firm has a market capitalization of $219.79 million, a PE ratio of -7.70 and a beta of 2.57.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings results on Monday, December 10th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.03. Avid Bioservices had a negative return on equity of 38.67% and a negative net margin of 31.20%. The firm had revenue of $10.18 million during the quarter, compared to analysts’ expectations of $10.75 million. As a group, research analysts expect that Avid Bioservices will post -0.21 EPS for the current fiscal year.

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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