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

Avid Bioservices (NASDAQ:CDMO) posted its quarterly earnings data on Thursday, June 27th. The biopharmaceutical company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01, Morningstar.com reports. Avid Bioservices had a negative return on equity of 9.29% and a negative net margin of 7.86%. The business had revenue of $17.06 million for the quarter, compared to analyst estimates of $15.53 million.

Shares of CDMO traded down $0.15 on Friday, hitting $6.11. The company’s stock had a trading volume of 173,322 shares, compared to its average volume of 959,480. The business has a 50 day moving average price of $4.85. Avid Bioservices has a fifty-two week low of $3.37 and a fifty-two week high of $8.44. The firm has a market capitalization of $343.02 million, a P/E ratio of -35.94 and a beta of 2.88.

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

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position 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 buying an additional 27,685 shares in the last quarter. Roubaix Capital LLC acquired a new position in shares of Avid Bioservices during the 1st quarter worth about $2,077,000. Bank of New York Mellon Corp boosted its stake in shares of 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 worth $699,000 after buying an additional 15,459 shares during the last quarter. Harborview Advisors LLC acquired a new position in shares of Avid Bioservices during the 1st quarter worth about $52,000. Finally, Jane Street Group LLC acquired a new position in shares of Avid Bioservices during the 4th quarter worth about $82,000. Hedge funds and other institutional investors own 38.58% 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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Earnings History for Avid Bioservices (NASDAQ:CDMO)

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