Avid Bioservices Inc (NASDAQ:CDMO) Expected to Announce Earnings of -$0.04 Per Share

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Wall Street analysts expect Avid Bioservices Inc (NASDAQ:CDMO) to announce earnings per share of ($0.04) for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Avid Bioservices’ earnings, with the lowest EPS estimate coming in at ($0.07) and the highest estimate coming in at ($0.02). Avid Bioservices reported earnings per share of ($0.06) in the same quarter last year, which would suggest a positive year over year growth rate of 33.3%. The company is expected to announce its next earnings results on Monday, December 9th.

According to Zacks, analysts expect that Avid Bioservices will report full-year earnings of ($0.16) per share for the current fiscal year, with EPS estimates ranging from ($0.28) to ($0.09). For the next fiscal year, analysts forecast that the business will post earnings of $0.09 per share, with EPS estimates ranging from $0.02 to $0.20. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Thursday, September 5th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.05). Avid Bioservices had a negative net margin of 9.63% and a negative return on equity of 11.89%. The business had revenue of $15.25 million for the quarter, compared to the consensus estimate of $14.37 million. The company’s revenue was up 21.1% compared to the same quarter last year.

A number of equities research analysts recently commented on the stock. ValuEngine cut shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Janney Montgomery Scott raised shares of Avid Bioservices from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Friday, June 28th. Zacks Investment Research cut shares of Avid Bioservices from a “hold” rating to a “sell” rating in a report on Wednesday, September 4th. HC Wainwright set a $11.00 price target on shares of Avid Bioservices and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, TheStreet cut shares of Avid Bioservices from a “c-” rating to a “d+” rating in a report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $8.58.

In other news, CEO Richard B. Hancock purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average price of $5.09 per share, for a total transaction of $50,900.00. Also, major shareholder Joseph Carleone purchased 15,247 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were purchased at an average price of $9.20 per share, for a total transaction of $140,272.40. 1.20% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in CDMO. AWM Investment Company Inc. acquired a new stake in shares of Avid Bioservices in the second quarter valued at about $3,952,000. River & Mercantile Asset Management LLP acquired a new stake in shares of Avid Bioservices in the second quarter valued at about $2,674,000. BlackRock Inc. grew its position in shares of Avid Bioservices by 7.5% in the second quarter. BlackRock Inc. now owns 3,790,286 shares of the biopharmaceutical company’s stock valued at $21,227,000 after purchasing an additional 266,015 shares during the period. Marshall Wace LLP grew its position in shares of Avid Bioservices by 128.1% in the first quarter. Marshall Wace LLP now owns 274,945 shares of the biopharmaceutical company’s stock valued at $1,168,000 after purchasing an additional 154,393 shares during the period. Finally, AltraVue Capital LLC grew its position in shares of Avid Bioservices by 6.7% in the second quarter. AltraVue Capital LLC now owns 2,108,812 shares of the biopharmaceutical company’s stock valued at $11,810,000 after purchasing an additional 133,337 shares during the period. Institutional investors own 43.21% of the company’s stock.

NASDAQ:CDMO traded up $0.07 during midday trading on Friday, reaching $5.31. 206,238 shares of the stock traded hands, compared to its average volume of 262,523. Avid Bioservices has a 12-month low of $3.37 and a 12-month high of $7.15. The business has a 50-day moving average of $5.87 and a two-hundred day moving average of $5.15. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.50 and a current ratio of 1.78. The stock has a market capitalization of $298.06 million, a PE ratio of -31.24 and a beta of 2.72.

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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