$14.80 Million in Sales Expected for Avid Bioservices Inc (NASDAQ:CDMO) This Quarter

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Brokerages expect Avid Bioservices Inc (NASDAQ:CDMO) to report $14.80 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Avid Bioservices’ earnings. The lowest sales estimate is $13.70 million and the highest is $15.90 million. Avid Bioservices posted sales of $10.18 million in the same quarter last year, which indicates a positive year-over-year growth rate of 45.4%. The firm is scheduled to report its next quarterly earnings results after the market closes on Monday, December 9th.

On average, analysts expect that Avid Bioservices will report full year sales of $65.15 million for the current fiscal year, with estimates ranging from $64.00 million to $66.30 million. For the next financial year, analysts anticipate that the business will report sales of $93.10 million, with estimates ranging from $85.00 million to $101.20 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Thursday, September 5th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, missing the 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 firm had revenue of $15.25 million during the quarter, compared to the consensus estimate of $14.37 million. Avid Bioservices’s revenue was up 21.1% compared to the same quarter last year.

Several research firms recently weighed in on CDMO. ValuEngine cut shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Craig Hallum began coverage on shares of Avid Bioservices in a research note on Wednesday, October 16th. They issued a “buy” rating and a $11.00 target price for the company. Stephens began coverage on shares of Avid Bioservices in a research note on Wednesday, October 16th. They issued an “overweight” rating and a $8.00 target price for the company. HC Wainwright set a $11.00 target price on shares of Avid Bioservices and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, TheStreet cut shares of Avid Bioservices from a “c-” rating to a “d+” rating in a research note on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Avid Bioservices currently has a consensus rating of “Buy” and a consensus target price of $8.95.

In related news, major shareholder Joseph Carleone acquired 15,247 shares of Avid Bioservices stock in a transaction on Monday, September 9th. The stock was purchased at an average cost of $9.20 per share, with a total value of $140,272.40. Also, CEO Richard B. Hancock acquired 10,000 shares of Avid Bioservices stock in a transaction on Tuesday, September 10th. The shares were bought at an average cost of $5.09 per share, with a total value of $50,900.00. Insiders own 1.20% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CDMO. Legato Capital Management LLC lifted its holdings in shares of Avid Bioservices by 6.0% during the second quarter. Legato Capital Management LLC now owns 419,478 shares of the biopharmaceutical company’s stock worth $2,349,000 after buying an additional 23,655 shares in the last quarter. AltraVue Capital LLC lifted its holdings in shares of Avid Bioservices by 6.7% during the second quarter. AltraVue Capital LLC now owns 2,108,812 shares of the biopharmaceutical company’s stock worth $11,810,000 after buying an additional 133,337 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of Avid Bioservices during the second quarter worth $59,000. Wells Fargo & Company MN lifted its holdings in shares of Avid Bioservices by 19.7% during the second quarter. Wells Fargo & Company MN now owns 162,305 shares of the biopharmaceutical company’s stock worth $909,000 after buying an additional 26,739 shares in the last quarter. Finally, AWM Investment Company Inc. acquired a new stake in shares of Avid Bioservices during the second quarter worth $3,952,000. 45.05% of the stock is owned by institutional investors.

Shares of NASDAQ:CDMO traded up $0.12 during midday trading on Friday, hitting $5.76. The stock had a trading volume of 327,075 shares, compared to its average volume of 302,851. Avid Bioservices has a 12 month low of $3.37 and a 12 month high of $7.15. The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.47. The business’s 50-day simple moving average is $5.28 and its 200-day simple moving average is $5.40. The company has a market cap of $323.93 million, a P/E ratio of -33.88 and a beta of 2.70.

About Avid Bioservices

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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