Wall Street brokerages expect that Avid Bioservices Inc (NASDAQ:CDMO) will report earnings per share (EPS) of ($0.04) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Avid Bioservices’ earnings. The lowest EPS estimate is ($0.07) and the highest is ($0.02). Avid Bioservices reported earnings per share of ($0.06) in the same quarter last year, which indicates a positive year over year growth rate of 33.3%. The company is expected to announce its next earnings results after the market closes on Monday, December 9th.
According to Zacks, analysts expect that Avid Bioservices will report full-year earnings of ($0.18) per share for the current financial year, with EPS estimates ranging from ($0.28) to ($0.09). For the next fiscal year, analysts expect that the business will post earnings of $0.06 per share, with EPS estimates ranging from ($0.01) to $0.20. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Avid Bioservices.
Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Thursday, September 5th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.05). Avid Bioservices had a negative net margin of 9.63% and a negative return on equity of 11.89%. The business had revenue of $15.25 million during the quarter, compared to analyst estimates of $14.37 million. The company’s revenue was up 21.1% compared to the same quarter last year.
In related news, major shareholder Joseph Carleone acquired 15,247 shares of Avid Bioservices stock in a transaction on Monday, September 9th. The stock was purchased at an average cost of $9.20 per share, with a total value of $140,272.40. Also, CEO Richard B. Hancock acquired 10,000 shares of Avid Bioservices stock in a transaction on Tuesday, September 10th. The shares were bought at an average cost of $5.09 per share, with a total value of $50,900.00. 1.20% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in CDMO. Millennium Management LLC boosted its position in Avid Bioservices by 3,584.8% during the third quarter. Millennium Management LLC now owns 827,284 shares of the biopharmaceutical company’s stock worth $4,384,000 after purchasing an additional 804,833 shares during the period. AWM Investment Company Inc. bought a new position in Avid Bioservices during the second quarter worth $3,952,000. River & Mercantile Asset Management LLP bought a new position in Avid Bioservices during the second quarter worth $2,674,000. BlackRock Inc. boosted its position in Avid Bioservices by 7.5% during the second quarter. BlackRock Inc. now owns 3,790,286 shares of the biopharmaceutical company’s stock worth $21,227,000 after purchasing an additional 266,015 shares during the period. Finally, AltraVue Capital LLC boosted its position in Avid Bioservices by 6.7% during the second quarter. AltraVue Capital LLC now owns 2,108,812 shares of the biopharmaceutical company’s stock worth $11,810,000 after purchasing an additional 133,337 shares during the period. 45.05% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:CDMO traded up $0.12 during midday trading on Wednesday, hitting $5.76. The stock had a trading volume of 327,075 shares, compared to its average volume of 302,851. Avid Bioservices has a 12 month low of $3.37 and a 12 month 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 business’s 50-day simple moving average is $5.28 and its 200-day simple moving average is $5.40. The company has a market cap of $323.93 million, a P/E ratio of -33.88 and a beta of 2.70.
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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