Avid Bioservices (NASDAQ:CDMO) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Avid Bioservices (NASDAQ:CDMO) announced its quarterly earnings data on Monday. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01, Briefing.com reports. Avid Bioservices had a negative net margin of 9.63% and a negative return on equity of 11.89%. The firm had revenue of $18.31 million for the quarter, compared to analyst estimates of $14.34 million. During the same period in the previous year, the company earned ($0.05) earnings per share. The business’s quarterly revenue was up 79.9% compared to the same quarter last year.

Shares of CDMO opened at $5.85 on Tuesday. The firm has a market cap of $325.62 million, a P/E ratio of -34.41 and a beta of 2.70. Avid Bioservices has a 12 month low of $3.37 and a 12 month high of $7.15. The stock’s 50 day moving average is $5.35 and its two-hundred day moving average is $5.47. The company has a current ratio of 1.78, a quick ratio of 1.50 and a debt-to-equity ratio of 0.47.

CDMO has been the subject of several research analyst reports. Stephens started coverage on Avid Bioservices in a research note on Wednesday, October 16th. They issued an “overweight” rating and a $8.00 price objective for the company. TheStreet lowered shares of Avid Bioservices from a “c-” rating to a “d+” rating in a research note on Thursday, September 12th. ValuEngine lowered shares of Avid Bioservices from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. HC Wainwright set a $11.00 price objective on Avid Bioservices and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Zacks Investment Research raised Avid Bioservices from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $8.95.

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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Earnings History for Avid Bioservices (NASDAQ:CDMO)

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