Equities research analysts expect that Avid Bioservices Inc (NASDAQ:CDMO) will post earnings per share of ($0.03) for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Avid Bioservices’ earnings, with estimates ranging from ($0.03) to ($0.02). Avid Bioservices posted earnings of ($0.06) per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 50%. The company is expected to report its next quarterly earnings results on Monday, September 9th.
According to Zacks, 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 anticipate that the company will report earnings of $0.12 per share, with EPS estimates ranging from $0.04 to $0.20. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts 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 Thomson Reuters’ consensus estimate of ($0.03) by $0.01. The business had revenue of $17.06 million for the quarter, compared to analysts’ expectations of $15.53 million. Avid Bioservices had a negative net margin of 7.86% and a negative return on equity of 9.29%.
Several analysts recently weighed in on CDMO shares. Zacks Investment Research raised shares of DLH from a “sell” rating to a “hold” rating in a report on Tuesday. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. 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. TheStreet raised South Jersey Industries from a “c+” rating to a “b-” rating in a research report on Tuesday. Finally, Janney Montgomery Scott lowered Unitil from a “buy” rating to a “neutral” rating and set a $59.79 price target on the stock. in a research report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Avid Bioservices currently has a consensus rating of “Buy” and an average price target of $8.58.
Shares of CDMO traded up $0.04 during mid-day trading on Friday, hitting $6.09. 417,439 shares of the company’s stock were exchanged, compared to its average volume of 914,611. The company has a market capitalization of $339.63 million, a P/E ratio of -35.82 and a beta of 2.88. Avid Bioservices has a fifty-two week low of $3.37 and a fifty-two week high of $8.44. The company has a 50-day moving average of $4.51.
Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in shares of Avid Bioservices by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 527,772 shares of the biopharmaceutical company’s stock worth $2,163,000 after purchasing an additional 27,685 shares in the last quarter. Roubaix Capital LLC purchased a new stake in Avid Bioservices in the 1st quarter worth about $2,077,000. Bank of New York Mellon Corp lifted its stake in Avid Bioservices by 10.0% in the 4th quarter. Bank of New York Mellon Corp now owns 170,342 shares of the biopharmaceutical company’s stock worth $699,000 after acquiring an additional 15,459 shares in the last quarter. Harborview Advisors LLC purchased a new stake in Avid Bioservices in the 1st quarter worth about $52,000. Finally, Jane Street Group LLC purchased a new stake in Avid Bioservices in the 4th quarter worth about $82,000. 38.62% of the stock is currently 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.
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