Avid Bioservices Inc (CDMO) Given Average Rating of “Buy” by Analysts

Shares of Avid Bioservices Inc (NASDAQ:CDMO) have received a consensus recommendation of “Buy” from the six research firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $4.00.

A number of research firms have weighed in on CDMO. Noble Financial restated a “buy” rating on shares of Avid Bioservices in a research report on Tuesday, December 12th. ValuEngine downgraded Avid Bioservices from a “sell” rating to a “strong sell” rating in a research report on Monday, April 2nd. Wells Fargo began coverage on Avid Bioservices in a research report on Thursday, March 15th. They issued an “outperform” rating for the company. First Analysis began coverage on Avid Bioservices in a research report on Tuesday, March 13th. They issued an “overweight” rating and a $4.00 target price for the company. Finally, Zacks Investment Research upgraded Avid Bioservices from a “sell” rating to a “hold” rating in a research report on Tuesday, February 27th.

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In related news, Director Mark R. Bamforth acquired 50,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $2.25 per share, for a total transaction of $112,500.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.53% of the stock is currently owned by corporate insiders.

CDMO opened at $3.35 on Monday. The company has a market capitalization of $186.10, a price-to-earnings ratio of -3.81 and a beta of 2.24. Avid Bioservices has a 1-year low of $2.24 and a 1-year high of $5.78.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, March 12th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.09). The firm had revenue of $6.82 million during the quarter, compared to analyst estimates of $8.95 million. Avid Bioservices had a negative return on equity of 57.49% and a negative net margin of 46.62%. equities analysts predict that Avid Bioservices will post -0.63 EPS for the current fiscal year.

The company also recently announced a dividend, which was paid on Monday, April 2nd. Shareholders of record on Monday, March 19th were given a $0.6563 dividend. The ex-dividend date was Friday, March 16th.

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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.

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