Avid Bioservices (NASDAQ:CDMO) Lifted to Hold at Zacks Investment Research
According to Zacks, “Avid Bioservices, Inc. is a dedicated contract development and manufacturing organization focused on development and cGMP manufacturing of biopharmaceutical products derived from mammalian cell culture. The company provides process development, high quality cGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. It also offer process development activities, including cell line development and optimization, cell culture and feed optimization, analytical methods development and product characterization. Avid Bioservices Inc., formerly known as Peregrine Pharmaceuticals Inc., is based in TUSTIN, United States. “
A number of other analysts have also recently commented on the company. Janney Montgomery Scott cut Unitil from a buy rating to a neutral rating and set a $59.79 price objective for the company. in a research report on Friday, June 28th. HC Wainwright set a $73.00 price objective on Uniqure and gave the stock a buy rating in a research report on Monday, July 8th. Finally, ValuEngine cut Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of Buy and an average target price of $8.58.
Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Thursday, June 27th. The biopharmaceutical company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The firm had revenue of $17.06 million during the quarter, compared to analysts’ expectations of $15.53 million. Avid Bioservices had a negative return on equity of 9.29% and a negative net margin of 7.86%. As a group, equities analysts expect that Avid Bioservices will post -0.07 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. Two Sigma Investments LP increased its position in Avid Bioservices by 5.8% during the 4th quarter. Two Sigma Investments LP now owns 56,717 shares of the biopharmaceutical company’s stock worth $233,000 after purchasing an additional 3,098 shares in the last quarter. D. E. Shaw & Co. Inc. grew its holdings in Avid Bioservices by 44.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 14,493 shares of the biopharmaceutical company’s stock valued at $59,000 after buying an additional 4,444 shares during the period. Meeder Asset Management Inc. grew its holdings in Avid Bioservices by 42.6% in the 1st quarter. Meeder Asset Management Inc. now owns 17,243 shares of the biopharmaceutical company’s stock valued at $73,000 after buying an additional 5,152 shares during the period. Valeo Financial Advisors LLC purchased a new stake in Avid Bioservices in the 1st quarter valued at about $25,000. Finally, SG Americas Securities LLC grew its holdings in Avid Bioservices by 4.9% in the 1st quarter. SG Americas Securities LLC now owns 190,749 shares of the biopharmaceutical company’s stock valued at $811,000 after buying an additional 8,956 shares during the period. Hedge funds and other institutional investors own 38.62% of the company’s stock.
Avid Bioservices Company Profile
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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