Brokerages Anticipate Avid Bioservices Inc (NASDAQ:CDMO) to Post -$0.03 Earnings Per Share

Wall Street brokerages predict that Avid Bioservices Inc (NASDAQ:CDMO) will post earnings per share of ($0.03) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Avid Bioservices’ earnings. The highest EPS estimate is ($0.02) and the lowest is ($0.03). Avid Bioservices reported earnings of ($0.06) per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 50%. The firm is scheduled to report its next quarterly earnings results on Monday, September 9th.

On average, analysts expect that Avid Bioservices will report full year earnings of ($0.07) per share for the current fiscal year, with EPS estimates ranging from ($0.12) to ($0.03). For the next financial year, analysts forecast that the company will report earnings of $0.12 per share, with EPS estimates ranging from $0.04 to $0.20. Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Thursday, June 27th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.01. The company had revenue of $17.06 million during the quarter, compared to the consensus estimate of $15.53 million. Avid Bioservices had a negative return on equity of 9.29% and a negative net margin of 7.86%.

CDMO has been the subject of several research reports. HC Wainwright set a $73.00 target price on Uniqure and gave the company a “buy” rating in a report on Monday, July 8th. Zacks Investment Research downgraded General Finance from a “buy” rating to a “hold” rating in a report on Monday, July 15th. TheStreet raised South Jersey Industries from a “c+” rating to a “b-” rating in a report on Tuesday, July 9th. Janney Montgomery Scott downgraded Unitil from a “buy” rating to a “neutral” rating and set a $59.79 target price for the company. in a report on Friday, June 28th. Finally, ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $8.58.

NASDAQ CDMO traded down $0.15 during trading on Friday, reaching $6.11. 173,322 shares of the company’s stock were exchanged, compared to its average volume of 959,480. Avid Bioservices has a 1 year low of $3.37 and a 1 year high of $8.44. The firm has a market cap of $343.02 million, a PE ratio of -35.94 and a beta of 2.88. The stock has a 50 day simple moving average of $4.85.

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of Avid Bioservices by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 527,772 shares of the biopharmaceutical company’s stock valued at $2,163,000 after purchasing an additional 27,685 shares during the last quarter. Roubaix Capital LLC purchased a new stake in Avid Bioservices during the 1st quarter valued at approximately $2,077,000. Bank of New York Mellon Corp raised its stake in Avid Bioservices by 10.0% during the 4th quarter. Bank of New York Mellon Corp now owns 170,342 shares of the biopharmaceutical company’s stock valued at $699,000 after acquiring an additional 15,459 shares during the last quarter. Harborview Advisors LLC purchased a new stake in Avid Bioservices during the 1st quarter valued at approximately $52,000. Finally, Jane Street Group LLC purchased a new stake in Avid Bioservices during the 4th quarter valued at approximately $82,000. 38.58% of the stock is owned by institutional investors and hedge funds.

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

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