Avid Bioservices Inc (NASDAQ:CDMO) – Stock analysts at First Analysis reduced their Q1 2020 earnings estimates for Avid Bioservices in a research report issued on Wednesday, July 10th. First Analysis analyst S. Schwartz now forecasts that the biopharmaceutical company will post earnings per share of ($0.02) for the quarter, down from their previous forecast of ($0.01). First Analysis also issued estimates for Avid Bioservices’ Q2 2020 earnings at ($0.01) EPS, FY2020 earnings at ($0.03) EPS and FY2021 earnings at $0.04 EPS.
A number of other equities research analysts also recently issued reports on the stock. Janney Montgomery Scott downgraded shares of Unitil from a “buy” rating to a “neutral” rating and set a $59.79 price objective for the company. in a research report on Friday, June 28th. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. TheStreet raised shares of South Jersey Industries from a “c+” rating to a “b-” rating in a research report on Tuesday, July 9th. HC Wainwright set a $73.00 price objective on shares of Uniqure and gave the company a “buy” rating in a research report on Monday, July 8th. Finally, Zacks Investment Research raised shares of DLH from a “sell” rating to a “hold” rating in a research report on Tuesday, July 9th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $8.58.
Shares of CDMO stock opened at $6.09 on Friday. Avid Bioservices has a 1 year low of $3.37 and a 1 year high of $8.44. The company’s fifty day simple moving average is $4.51. The company has a market cap of $339.63 million, a P/E ratio of -35.82 and a beta of 2.88.
Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Thursday, June 27th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Avid Bioservices had a negative net margin of 7.86% and a negative return on equity of 9.29%. The firm had revenue of $17.06 million during the quarter, compared to the consensus estimate of $15.53 million.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CDMO. AltraVue Capital LLC lifted its stake in shares of Avid Bioservices by 49.7% during the 1st quarter. AltraVue Capital LLC now owns 1,975,475 shares of the biopharmaceutical company’s stock valued at $8,396,000 after buying an additional 655,507 shares in the last quarter. Roubaix Capital LLC purchased a new position in shares of Avid Bioservices during the 1st quarter valued at $2,077,000. Legato Capital Management LLC lifted its stake in shares of Avid Bioservices by 66.4% during the 1st quarter. Legato Capital Management LLC now owns 395,823 shares of the biopharmaceutical company’s stock valued at $1,682,000 after buying an additional 158,003 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Avid Bioservices by 128.1% during the 1st quarter. Marshall Wace LLP now owns 274,945 shares of the biopharmaceutical company’s stock valued at $1,168,000 after buying an additional 154,393 shares in the last quarter. Finally, Granite Investment Partners LLC lifted its stake in shares of Avid Bioservices by 87.9% during the 1st quarter. Granite Investment Partners LLC now owns 156,641 shares of the biopharmaceutical company’s stock valued at $665,000 after buying an additional 73,260 shares in the last quarter. Institutional investors own 38.62% of the company’s stock.
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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