Zacks: Brokerages Anticipate Avid Bioservices Inc (NASDAQ:CDMO) Will Post Quarterly Sales of $14.80 Million

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Equities analysts expect Avid Bioservices Inc (NASDAQ:CDMO) to report sales of $14.80 million for the current quarter, Zacks reports. Two analysts have made estimates for Avid Bioservices’ earnings, with estimates ranging from $13.70 million to $15.90 million. Avid Bioservices posted sales of $10.18 million during the same quarter last year, which suggests a positive year-over-year growth rate of 45.4%. The firm is scheduled to issue its next quarterly earnings results on Monday, December 9th.

On average, analysts expect that Avid Bioservices will report full-year sales of $65.15 million for the current fiscal year, with estimates ranging from $64.00 million to $66.30 million. For the next fiscal year, analysts forecast that the company 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 an average based on a survey of sell-side analysts that that provide coverage for Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Thursday, September 5th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.05). The business had revenue of $15.25 million for the quarter, compared to analyst estimates of $14.37 million. Avid Bioservices had a negative return on equity of 11.89% and a negative net margin of 9.63%. The firm’s revenue was up 21.1% on a year-over-year basis.

Several analysts recently commented on CDMO shares. Stephens started coverage on Avid Bioservices in a research note on Wednesday, October 16th. They set an “overweight” rating and a $8.00 price objective on the stock. Craig Hallum began coverage on Avid Bioservices in a report on Wednesday, October 16th. They set a “buy” rating and a $11.00 target price for the company. ValuEngine cut Avid Bioservices from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Zacks Investment Research upgraded Avid Bioservices from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, HC Wainwright set a $11.00 target price on Avid Bioservices and gave the stock a “buy” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Avid Bioservices currently has an average rating of “Buy” and a consensus price target of $8.95.

In related news, major shareholder Joseph Carleone acquired 15,247 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was bought at an average price of $9.20 per share, for a total transaction of $140,272.40. Also, CEO Richard B. Hancock acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average price of $5.09 per share, with a total value of $50,900.00. 1.20% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Eagle Asset Management Inc. bought a new position in shares of Avid Bioservices in the 2nd quarter valued at about $59,000. Zacks Investment Management acquired a new stake in Avid Bioservices in the 2nd quarter valued at about $107,000. Verity Asset Management Inc. acquired a new stake in Avid Bioservices in the 3rd quarter valued at about $118,000. Metropolitan Life Insurance Co NY acquired a new stake in Avid Bioservices in the 3rd quarter valued at about $118,000. Finally, Jane Street Group LLC acquired a new stake in Avid Bioservices in the 2nd quarter valued at about $131,000. Institutional investors own 45.05% of the company’s stock.

Avid Bioservices stock traded down $0.15 during mid-day trading on Friday, hitting $5.36. 5,880 shares of the company’s stock were exchanged, compared to its average volume of 177,112. The firm has a market capitalization of $309.88 million, a P/E ratio of -31.71 and a beta of 2.70. Avid Bioservices has a fifty-two week low of $3.37 and a fifty-two week high of $7.15. The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.47. The company’s 50 day simple moving average is $5.27 and its 200-day simple moving average is $5.36.

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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Earnings History and Estimates for Avid Bioservices (NASDAQ:CDMO)

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