Analysts Set Avid Bioservices Inc (CDMO) Price Target at $4.00
Shares of Avid Bioservices Inc (NASDAQ:CDMO) have earned an average recommendation of “Buy” from the six ratings firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $4.00.
A number of research analysts have recently commented on the company. Noble Financial reaffirmed a “buy” rating on shares of Avid Bioservices in a research report on Tuesday, December 12th. Wells Fargo assumed coverage on Avid Bioservices in a research report on Thursday, March 15th. They set an “outperform” rating on the stock. First Analysis assumed coverage on Avid Bioservices in a research report on Tuesday, March 13th. They set an “overweight” rating and a $4.00 price target on the stock. Zacks Investment Research raised Avid Bioservices from a “sell” rating to a “hold” rating in a research report on Tuesday, February 27th. Finally, ValuEngine cut Avid Bioservices from a “hold” rating to a “sell” rating in a research report on Friday, December 1st.
In related news, Director Mark R. Bamforth acquired 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average cost of $2.25 per share, for a total transaction of $112,500.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.53% of the company’s stock.
Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings results on Monday, March 12th. The biopharmaceutical company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.09). Avid Bioservices had a negative net margin of 46.62% and a negative return on equity of 57.49%. The firm had revenue of $6.82 million for the quarter, compared to analysts’ expectations of $8.95 million. research analysts anticipate that Avid Bioservices will post -0.67 EPS for the current year.
The company also recently declared a dividend, which will be paid on Monday, April 2nd. Stockholders of record on Monday, March 19th will be given a dividend of $0.6563 per share. The ex-dividend date of this dividend is Friday, March 16th.
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About Avid Bioservices
Avid Bioservices, Inc, formerly Peregrine Pharmaceuticals, Inc, is a biopharmaceutical company. The Company is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts. The Company delivers pharmaceutical products through its contract manufacturing business and through licensing its development-stage immunotherapy products.
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