Zacks: Brokerages Expect Avid Bioservices Inc (NASDAQ:CDMO) to Announce -$0.09 Earnings Per Share

Wall Street brokerages expect Avid Bioservices Inc (NASDAQ:CDMO) to report earnings per share of ($0.09) for the current quarter, according to Zacks. Two analysts have issued estimates for Avid Bioservices’ earnings, with the highest EPS estimate coming in at ($0.06) and the lowest estimate coming in at ($0.14). Avid Bioservices reported earnings per share of ($0.02) in the same quarter last year, which would suggest a negative year over year growth rate of 350%. The company is scheduled to issue its next earnings report on Thursday, June 25th.

On average, analysts expect that Avid Bioservices will report full year earnings of ($0.28) per share for the current financial year, with EPS estimates ranging from ($0.35) to ($0.22). For the next financial year, analysts expect that the firm will report earnings of ($0.02) per share, with EPS estimates ranging from ($0.09) to $0.05. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that cover Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Tuesday, March 10th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $13.59 million for the quarter, compared to the consensus estimate of $16.80 million. Avid Bioservices had a negative return on equity of 10.98% and a negative net margin of 8.35%.

Several research analysts have recently weighed in on CDMO shares. BidaskClub cut Avid Bioservices from a “hold” rating to a “sell” rating in a research report on Thursday, May 28th. Zacks Investment Research raised Avid Bioservices from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a research report on Tuesday. HC Wainwright reissued a “buy” rating and set a $9.00 price target (down from $11.00) on shares of Avid Bioservices in a research report on Wednesday, March 11th. Finally, ValuEngine raised Avid Bioservices from a “hold” rating to a “buy” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company. Avid Bioservices presently has a consensus rating of “Buy” and a consensus target price of $9.04.

NASDAQ CDMO traded up $0.26 on Friday, reaching $6.30. The company had a trading volume of 460,500 shares, compared to its average volume of 393,081. Avid Bioservices has a 52 week low of $3.02 and a 52 week high of $8.38. The stock’s 50 day moving average is $5.50 and its 200-day moving average is $5.94. The stock has a market cap of $355.82 million, a price-to-earnings ratio of -34.58 and a beta of 2.23. The company has a quick ratio of 1.31, a current ratio of 1.57 and a debt-to-equity ratio of 0.46.

In other Avid Bioservices news, CFO Daniel Ryan Hart bought 7,500 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were purchased at an average cost of $3.93 per share, with a total value of $29,475.00. Also, CEO Richard B. Hancock bought 12,500 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average cost of $3.99 per share, for a total transaction of $49,875.00. Following the completion of the purchase, the chief executive officer now owns 22,500 shares in the company, valued at $89,775. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 76,000 shares of company stock worth $308,410. 1.20% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of CDMO. Raymond James & Associates acquired a new stake in Avid Bioservices during the 1st quarter worth $53,000. Martingale Asset Management L P purchased a new position in Avid Bioservices during the 4th quarter worth $82,000. Eagle Asset Management Inc. purchased a new position in shares of Avid Bioservices in the 1st quarter valued at about $56,000. Citigroup Inc. increased its holdings in shares of Avid Bioservices by 55.1% in the 4th quarter. Citigroup Inc. now owns 11,569 shares of the biopharmaceutical company’s stock valued at $89,000 after purchasing an additional 4,112 shares in the last quarter. Finally, McGuire Investment Group LLC purchased a new position in shares of Avid Bioservices in the 1st quarter valued at about $68,000. Institutional investors and hedge funds own 50.13% of the company’s stock.

Avid Bioservices Company Profile

Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and Current Good Manufacturing Practices (CGMP) commercial manufacturing services focused on biopharmaceutical products derived from mammalian cell culture for biotechnology and pharmaceutical companies.

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Earnings History and Estimates for Avid Bioservices (NASDAQ:CDMO)

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