Avid Bioservices (NASDAQ:CDMO) announced its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05), Briefing.com reports. The business had revenue of $15.25 million for the quarter, compared to analyst estimates of $14.37 million. Avid Bioservices had a negative return on equity of 9.29% and a negative net margin of 7.86%. Avid Bioservices’s revenue was up 21.1% compared to the same quarter last year. Avid Bioservices updated its FY 2020 guidance to EPS.
Shares of NASDAQ:CDMO traded down $1.00 during trading on Friday, reaching $6.05. 176,000 shares of the stock were exchanged, compared to its average volume of 187,756. Avid Bioservices has a 12 month low of $3.37 and a 12 month high of $8.44. The firm has a market cap of $396.49 million, a PE ratio of -35.59 and a beta of 2.80. The stock has a 50-day moving average price of $6.56 and a 200-day moving average price of $4.91.
A number of equities analysts have weighed in on CDMO shares. HC Wainwright reissued a “buy” rating and set a $11.00 price target on shares of Avid Bioservices in a research report on Monday, July 8th. Janney Montgomery Scott upgraded Avid Bioservices from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a report on Friday, June 28th. TheStreet upgraded Avid Bioservices from a “d” rating to a “c-” rating in a report on Tuesday, July 9th. Zacks Investment Research cut Avid Bioservices from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, ValuEngine upgraded Avid Bioservices from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $8.58.
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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