-$0.09 EPS Expected for Avid Bioservices Inc (CDMO) This Quarter

Wall Street analysts expect that Avid Bioservices Inc (NASDAQ:CDMO) will post ($0.09) earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Avid Bioservices’ earnings, with the lowest EPS estimate coming in at ($0.16) and the highest estimate coming in at ($0.02). Avid Bioservices posted earnings of ($0.27) per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 66.7%. The firm is scheduled to report its next earnings results on Monday, December 10th.

According to Zacks, analysts expect that Avid Bioservices will report full-year earnings of ($0.24) per share for the current financial year, with EPS estimates ranging from ($0.33) to ($0.13). For the next fiscal year, analysts forecast that the business will report earnings of $0.06 per share, with EPS estimates ranging from ($0.07) to $0.26. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Monday, September 10th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.03. The company had revenue of $12.59 million during the quarter, compared to the consensus estimate of $9.95 million. Avid Bioservices had a negative net margin of 57.67% and a negative return on equity of 60.06%.

Several equities research analysts recently issued reports on the stock. ValuEngine cut shares of Avid Bioservices from a “buy” rating to a “hold” rating in a report on Monday, October 8th. HC Wainwright raised their target price on shares of Avid Bioservices from $6.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $8.33.

Shares of CDMO traded up $0.09 on Monday, hitting $5.30. 204,353 shares of the stock traded hands, compared to its average volume of 181,290. Avid Bioservices has a one year low of $2.24 and a one year high of $8.44. The company has a market capitalization of $291.77 million, a P/E ratio of -10.60 and a beta of 2.61.

In related news, Director Joel Mccomb sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $6.53, for a total value of $326,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.92% of the company’s stock.

Several institutional investors have recently modified their holdings of CDMO. BlackRock Inc. purchased a new position in shares of Avid Bioservices during the 1st quarter worth $2,217,000. Millennium Management LLC purchased a new position in shares of Avid Bioservices during the 1st quarter worth $522,000. Rhumbline Advisers purchased a new position in shares of Avid Bioservices during the 2nd quarter worth $174,000. Bank of New York Mellon Corp boosted its stake in shares of Avid Bioservices by 296.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 129,522 shares of the biopharmaceutical company’s stock worth $507,000 after acquiring an additional 96,851 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. purchased a new position in shares of Avid Bioservices during the 2nd quarter worth $371,000. Institutional investors and hedge funds own 23.55% of the company’s stock.

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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