Wall Street analysts expect that Avid Bioservices Inc (NASDAQ:CDMO) will announce sales of $13.43 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Avid Bioservices’ earnings, with the lowest sales estimate coming in at $13.00 million and the highest estimate coming in at $13.85 million. Avid Bioservices reported sales of $6.82 million in the same quarter last year, which would suggest a positive year over year growth rate of 96.9%. The company is expected to announce its next quarterly earnings results on Monday, March 11th.

According to Zacks, analysts expect that Avid Bioservices will report full-year sales of $54.00 million for the current financial year, with estimates ranging from $53.80 million to $54.20 million. For the next year, analysts anticipate that the business will report sales of $69.70 million, with estimates ranging from $67.40 million to $72.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Monday, December 10th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.03. The business had revenue of $10.18 million during the quarter, compared to analyst estimates of $10.75 million. Avid Bioservices had a negative return on equity of 38.67% and a negative net margin of 31.20%.

Several brokerages recently weighed in on CDMO. Zacks Investment Research lowered Avid Bioservices from a “buy” rating to a “hold” rating in a research note on Friday, January 11th. ValuEngine upgraded Avid Bioservices from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Finally, HC Wainwright restated a “buy” rating and issued a $11.00 price target on shares of Avid Bioservices in a research note on Tuesday, December 11th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $7.44.

Large investors have recently bought and sold shares of the business. Meeder Asset Management Inc. increased its stake in Avid Bioservices by 110.5% during the 4th quarter. Meeder Asset Management Inc. now owns 12,091 shares of the biopharmaceutical company’s stock worth $49,000 after buying an additional 6,347 shares in the last quarter. Virtu Financial LLC purchased a new stake in Avid Bioservices during the 4th quarter worth approximately $71,000. Bank of Montreal Can increased its stake in Avid Bioservices by 6,276.7% during the 3rd quarter. Bank of Montreal Can now owns 22,956 shares of the biopharmaceutical company’s stock worth $158,000 after buying an additional 22,596 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Avid Bioservices during the 3rd quarter worth approximately $163,000. Finally, Caxton Associates LP purchased a new stake in Avid Bioservices during the 3rd quarter worth approximately $192,000. Institutional investors own 29.76% of the company’s stock.

Shares of Avid Bioservices stock traded down $0.32 on Friday, hitting $3.96. The company’s stock had a trading volume of 570,877 shares, compared to its average volume of 263,316. Avid Bioservices has a 1 year low of $2.24 and a 1 year high of $8.44. The firm has a market cap of $222.03 million, a PE ratio of -7.92 and a beta of 2.58.

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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