Avid Bioservices Inc (NASDAQ:CDMO) saw unusually-high trading volume on Tuesday following a better than expected earnings announcement. Approximately 3,331,459 shares were traded during mid-day trading, an increase of 955% from the previous session’s volume of 315,794 shares.The stock last traded at $6.82 and had previously closed at $5.85.
The biopharmaceutical company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.01. Avid Bioservices had a negative net margin of 9.63% and a negative return on equity of 11.89%. The business had revenue of $18.31 million during the quarter, compared to analysts’ expectations of $14.34 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm’s revenue was up 79.9% on a year-over-year basis.
CDMO has been the subject of a number of research reports. TheStreet cut shares of Avid Bioservices from a “c-” rating to a “d+” rating in a report on Thursday, September 12th. First Analysis raised shares of Avid Bioservices from an “outperform” rating to a “strong-buy” rating and set a $7.50 target price for the company in a report on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $11.00 target price on shares of Avid Bioservices in a report on Tuesday. Craig Hallum initiated coverage on shares of Avid Bioservices in a report on Wednesday, October 16th. They set a “buy” rating and a $11.00 target price for the company. Finally, Stephens reaffirmed an “overweight” rating and set a $10.00 target price (up from $8.00) on shares of Avid Bioservices in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Avid Bioservices currently has a consensus rating of “Buy” and a consensus target price of $9.04.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Metropolitan Life Insurance Co NY purchased a new stake in shares of Avid Bioservices in the third quarter worth $118,000. Millennium Management LLC increased its stake in shares of Avid Bioservices by 3,584.8% in the third quarter. Millennium Management LLC now owns 827,284 shares of the biopharmaceutical company’s stock worth $4,384,000 after purchasing an additional 804,833 shares in the last quarter. State Street Corp increased its stake in shares of Avid Bioservices by 9.4% in the third quarter. State Street Corp now owns 1,027,828 shares of the biopharmaceutical company’s stock worth $5,447,000 after purchasing an additional 87,955 shares in the last quarter. Verity Asset Management Inc. purchased a new stake in shares of Avid Bioservices in the third quarter worth $118,000. Finally, California Public Employees Retirement System increased its stake in shares of Avid Bioservices by 19.8% in the third quarter. California Public Employees Retirement System now owns 82,142 shares of the biopharmaceutical company’s stock worth $435,000 after purchasing an additional 13,600 shares in the last quarter. 45.00% of the stock is owned by hedge funds and other institutional investors.
The stock’s 50 day moving average price is $5.38 and its 200-day moving average price is $5.48. The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $325.62 million, a PE ratio of -40.12 and a beta of 2.70.
Avid Bioservices Company Profile (NASDAQ:CDMO)
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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