-$0.09 Earnings Per Share Expected for Avid Bioservices Inc (CDMO) This Quarter
Equities research analysts expect that Avid Bioservices Inc (NASDAQ:CDMO) will post earnings per share of ($0.09) for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Avid Bioservices’ earnings, with the highest EPS estimate coming in at ($0.01) and the lowest estimate coming in at ($0.16). Avid Bioservices posted earnings of ($0.06) per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 50%. The business is expected to issue its next quarterly earnings report on Monday, September 10th.
According to Zacks, analysts expect that Avid Bioservices will report full-year earnings of ($0.20) per share for the current financial year, with EPS estimates ranging from ($0.33) to ($0.03). For the next financial year, analysts expect that the company will report earnings of $0.02 per share, with EPS estimates ranging from ($0.07) to $0.14. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Avid Bioservices.
Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Monday, July 16th. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.20. The business had revenue of $6.94 million during the quarter, compared to analysts’ expectations of $6.51 million. Avid Bioservices had a negative return on equity of 58.67% and a negative net margin of 40.68%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Avid Bioservices by 329.6% during the second quarter. BlackRock Inc. now owns 3,261,288 shares of the biopharmaceutical company’s stock worth $12,784,000 after purchasing an additional 2,502,164 shares during the last quarter. Bandera Partners LLC bought a new stake in Avid Bioservices during the first quarter worth $2,984,000. CVI Holdings LLC bought a new stake in Avid Bioservices during the first quarter worth $1,729,000. Schwartz Investment Counsel Inc. bought a new stake in Avid Bioservices during the first quarter worth $1,387,000. Finally, Wells Fargo & Company MN bought a new stake in Avid Bioservices during the first quarter worth $644,000. Hedge funds and other institutional investors own 18.87% of the company’s stock.
Shares of CDMO stock opened at $5.49 on Monday. The company has a market capitalization of $319.70 million, a P/E ratio of -10.98 and a beta of 2.19. Avid Bioservices has a 1 year low of $2.24 and a 1 year high of $6.57.
About Avid Bioservices
Avid Bioservices, Inc operates as a contract development and manufacturing organization focusing on the development and cGMP manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, and cGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries.
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