Avid Bioservices (CDMO) Scheduled to Post Earnings on Friday

Avid Bioservices (NASDAQ:CDMO) is set to post its quarterly earnings results on Friday, March 8th.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Thursday, December 7th. The biopharmaceutical company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The company had revenue of $25.40 million during the quarter, compared to analysts’ expectations of $33.55 million. Avid Bioservices had a negative net margin of 8.12% and a negative return on equity of 5.18%. On average, analysts expect Avid Bioservices to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Avid Bioservices Stock Down 30.6 %

Avid Bioservices stock traded down $2.69 during mid-day trading on Thursday, hitting $6.10. The company had a trading volume of 14,989,086 shares, compared to its average volume of 1,276,522. The stock has a market cap of $385.76 million, a price-to-earnings ratio of -35.88 and a beta of 1.65. Avid Bioservices has a 1 year low of $4.07 and a 1 year high of $21.05. The company has a quick ratio of 0.85, a current ratio of 1.35 and a debt-to-equity ratio of 0.81. The business has a fifty day moving average of $6.93 and a 200 day moving average of $7.55.

Insider Buying and Selling

In related news, Director Richard B. Hancock purchased 23,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was purchased at an average cost of $5.86 per share, with a total value of $134,780.00. Following the completion of the acquisition, the director now directly owns 78,760 shares in the company, valued at $461,533.60. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold a total of 5,083 shares of company stock valued at $31,527 over the last three months. 2.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avid Bioservices

Hedge funds and other institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. acquired a new stake in Avid Bioservices in the first quarter valued at $29,000. US Bancorp DE acquired a new stake in Avid Bioservices in the first quarter valued at $76,000. State of Wyoming lifted its holdings in Avid Bioservices by 34.9% in the second quarter. State of Wyoming now owns 3,864 shares of the biopharmaceutical company’s stock valued at $54,000 after acquiring an additional 999 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Avid Bioservices by 117.5% in the second quarter. Tower Research Capital LLC TRC now owns 6,109 shares of the biopharmaceutical company’s stock valued at $85,000 after acquiring an additional 3,300 shares during the period. Finally, Captrust Financial Advisors lifted its holdings in Avid Bioservices by 170.6% in the second quarter. Captrust Financial Advisors now owns 7,629 shares of the biopharmaceutical company’s stock valued at $116,000 after acquiring an additional 4,810 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CDMO. Royal Bank of Canada reiterated an “outperform” rating and issued a $7.00 price target on shares of Avid Bioservices in a research note on Thursday. KeyCorp dropped their price target on shares of Avid Bioservices from $20.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, December 8th. Finally, Craig Hallum dropped their price target on shares of Avid Bioservices from $22.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, December 8th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.25.

About Avid Bioservices

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services of biologics for the biotechnology and biopharmaceutical industries. The company offers various services, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.