Avid Bioservices (CDMO) to Release Earnings on Friday

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

Avid Bioservices (NASDAQ:CDMO) last issued its earnings results on Thursday, December 7th. The biopharmaceutical company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.03). Avid Bioservices had a negative return on equity of 5.18% and a negative net margin of 8.12%. The company had revenue of $25.40 million during the quarter, compared to analysts’ expectations of $33.55 million. 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 %

Shares of NASDAQ CDMO traded down $2.69 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. Avid Bioservices has a 12-month low of $4.07 and a 12-month high of $21.05. The business has a 50 day moving average of $6.93 and a two-hundred day moving average of $7.55. 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 firm has a market capitalization of $385.76 million, a P/E ratio of -35.88 and a beta of 1.65.

Insider Buying and Selling at Avid Bioservices

In other news, Director Richard B. Hancock acquired 23,000 shares of the business’s stock in a transaction on Friday, December 15th. The shares were purchased at an average price of $5.86 per share, for a total transaction of $134,780.00. Following the completion of the purchase, the director now directly owns 78,760 shares of the company’s stock, valued at approximately $461,533.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 5,083 shares of company stock worth $31,527 over the last quarter. 2.39% of the stock is owned by corporate insiders.

Institutional Trading of Avid Bioservices

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Republic Investment Management Inc. raised its position in shares of Avid Bioservices by 10.0% during the 4th quarter. First Republic Investment Management Inc. now owns 15,422 shares of the biopharmaceutical company’s stock worth $212,000 after purchasing an additional 1,401 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Avid Bioservices by 9.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 28,650 shares of the biopharmaceutical company’s stock worth $187,000 after buying an additional 2,535 shares in the last quarter. Stifel Financial Corp bought a new position in Avid Bioservices in the 2nd quarter worth approximately $148,000. LPL Financial LLC bought a new position in Avid Bioservices in the 4th quarter worth approximately $142,000. Finally, Captrust Financial Advisors grew its holdings in Avid Bioservices by 170.6% in the 2nd quarter. Captrust Financial Advisors now owns 7,629 shares of the biopharmaceutical company’s stock worth $116,000 after buying an additional 4,810 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. KeyCorp decreased their target price on Avid Bioservices from $20.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, December 8th. Craig Hallum decreased their target price on Avid Bioservices from $22.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, December 8th. Finally, 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $14.25.

Avid Bioservices Company Profile

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.