Avid Bioservices Inc (NASDAQ:CDMO) Expected to Announce Quarterly Sales of $16.80 Million

Wall Street analysts forecast that Avid Bioservices Inc (NASDAQ:CDMO) will announce sales of $16.80 million for the current quarter, Zacks reports. Two analysts have provided estimates for Avid Bioservices’ earnings, with the highest sales estimate coming in at $18.10 million and the lowest estimate coming in at $15.50 million. Avid Bioservices posted sales of $13.78 million in the same quarter last year, which suggests a positive year-over-year growth rate of 21.9%. The company is expected to report its next quarterly earnings results on Monday, March 9th.

According to Zacks, analysts expect that Avid Bioservices will report full-year sales of $68.15 million for the current financial year, with estimates ranging from $66.50 million to $69.80 million. For the next year, analysts forecast that the firm will post sales of $93.10 million, with estimates ranging from $85.00 million to $101.20 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Monday, December 9th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $18.31 million for the quarter, compared to analyst estimates of $14.34 million. Avid Bioservices had a negative net margin of 6.83% and a negative return on equity of 8.78%. The company’s revenue for the quarter was up 79.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.05) EPS.

A number of brokerages have recently weighed in on CDMO. Zacks Investment Research raised shares of Avid Bioservices from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. ValuEngine cut shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Craig Hallum assumed coverage on shares of Avid Bioservices in a research report on Wednesday, October 16th. They set a “buy” rating and a $11.00 price target for the company. First Analysis raised shares of Avid Bioservices from an “outperform” rating to a “strong-buy” rating and set a $7.50 price target for the company in a research report on Tuesday, December 10th. Finally, HC Wainwright reissued a “buy” rating and set a $11.00 price target on shares of Avid Bioservices in a research report on Tuesday, December 10th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $9.04.

Shares of CDMO traded down $0.03 during trading hours on Monday, reaching $6.51. 3,256 shares of the company traded hands, compared to its average volume of 375,143. The company’s fifty day moving average price is $6.87 and its two-hundred day moving average price is $6.10. The company has a market capitalization of $375.21 million, a price-to-earnings ratio of -38.24 and a beta of 2.78. The company has a quick ratio of 1.44, a current ratio of 1.67 and a debt-to-equity ratio of 0.46. Avid Bioservices has a 12 month low of $3.37 and a 12 month high of $8.38.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its holdings in Avid Bioservices by 7.5% in the second quarter. BlackRock Inc. now owns 3,790,286 shares of the biopharmaceutical company’s stock worth $21,227,000 after buying an additional 266,015 shares during the last quarter. Vanguard Group Inc. raised its holdings in Avid Bioservices by 0.7% in the second quarter. Vanguard Group Inc. now owns 2,676,002 shares of the biopharmaceutical company’s stock worth $14,986,000 after buying an additional 19,667 shares during the last quarter. State Street Corp raised its holdings in Avid Bioservices by 9.4% in the third quarter. State Street Corp now owns 1,027,828 shares of the biopharmaceutical company’s stock worth $5,447,000 after buying an additional 87,955 shares during the last quarter. Millennium Management LLC raised its holdings in Avid Bioservices by 3,584.8% in the third quarter. Millennium Management LLC now owns 827,284 shares of the biopharmaceutical company’s stock worth $4,384,000 after buying an additional 804,833 shares during the last quarter. Finally, Sargent Investment Group LLC raised its holdings in Avid Bioservices by 3.9% in the third quarter. Sargent Investment Group LLC now owns 637,111 shares of the biopharmaceutical company’s stock worth $3,377,000 after buying an additional 23,678 shares during the last quarter. 44.92% of the stock is owned by institutional investors and hedge funds.

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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