Avid Bioservices (CDMO) Issues Quarterly Earnings Results

Avid Bioservices (NASDAQ:CDMO) issued its quarterly earnings results on Monday. The biopharmaceutical company reported ($0.23) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.09), Bloomberg Earnings reports. Avid Bioservices had a negative net margin of 46.62% and a negative return on equity of 52.02%. The business had revenue of $6.82 million during the quarter, compared to analysts’ expectations of $8.95 million.

Avid Bioservices (NASDAQ:CDMO) opened at $2.32 on Wednesday. Avid Bioservices has a 1 year low of $2.24 and a 1 year high of $5.78.

The firm also recently declared a dividend, which will be paid on Monday, April 2nd. Shareholders of record on Monday, March 19th will be given a $0.6563 dividend. The ex-dividend date is Friday, March 16th.

In other Avid Bioservices news, Director Mark R. Bamforth purchased 50,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was bought at an average price of $2.25 per share, with a total value of $112,500.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.53% of the company’s stock.

CDMO has been the subject of several recent research reports. Zacks Investment Research raised shares of Avid Bioservices from a “sell” rating to a “hold” rating in a research report on Saturday, November 18th. ValuEngine cut shares of Avid Bioservices from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. Noble Financial reissued a “buy” rating on shares of Avid Bioservices in a research report on Tuesday, December 12th. Finally, First Analysis initiated coverage on shares of Avid Bioservices in a research report on Tuesday. They issued an “overweight” rating for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $10.00.

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About Avid Bioservices

Avid Bioservices, Inc, formerly Peregrine Pharmaceuticals, Inc, is a biopharmaceutical company. The Company is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts. The Company delivers pharmaceutical products through its contract manufacturing business and through licensing its development-stage immunotherapy products.

Earnings History for Avid Bioservices (NASDAQ:CDMO)

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