First Analysis Analysts Increase Earnings Estimates for Avid Bioservices Inc (CDMO)

Avid Bioservices Inc (NASDAQ:CDMO) – First Analysis upped their Q2 2020 earnings per share (EPS) estimates for Avid Bioservices in a note issued to investors on Wednesday, March 13th. First Analysis analyst now expects that the biopharmaceutical company will post earnings of $0.00 per share for the quarter, up from their prior forecast of ($0.01). First Analysis also issued estimates for Avid Bioservices’ Q3 2020 earnings at $0.00 EPS and FY2020 earnings at $0.01 EPS.

Separately, Zacks Investment Research upgraded Avid Bioservices from a “hold” rating to a “strong-buy” rating and set a $4.75 price objective for the company in a report on Thursday. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $8.58.

Shares of CDMO opened at $4.15 on Thursday. Avid Bioservices has a 12 month low of $2.41 and a 12 month high of $8.44. The firm has a market cap of $230.49 million, a PE ratio of -8.30 and a beta of 2.61.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Monday, March 11th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. Avid Bioservices had a negative return on equity of 20.74% and a negative net margin of 3.52%. The firm had revenue of $13.78 million during the quarter, compared to analyst estimates of $13.43 million.

Institutional investors and hedge funds have recently modified their holdings of the company. AltraVue Capital LLC purchased a new stake in shares of Avid Bioservices during the 4th quarter valued at $5,411,000. Teachers Advisors LLC raised its stake in Avid Bioservices by 50.1% in the 3rd quarter. Teachers Advisors LLC now owns 98,768 shares of the biopharmaceutical company’s stock worth $678,000 after acquiring an additional 32,970 shares during the last quarter. Vanguard Group Inc. raised its stake in Avid Bioservices by 5.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,330,198 shares of the biopharmaceutical company’s stock worth $15,985,000 after acquiring an additional 120,673 shares during the last quarter. EAM Investors LLC purchased a new position in Avid Bioservices in the 3rd quarter worth $2,023,000. Finally, M&T Bank Corp raised its stake in Avid Bioservices by 18.8% in the 4th quarter. M&T Bank Corp now owns 42,059 shares of the biopharmaceutical company’s stock worth $172,000 after acquiring an additional 6,659 shares during the last quarter. Hedge funds and other institutional investors own 39.95% of the company’s stock.

About Avid Bioservices

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 and Estimates for Avid Bioservices (NASDAQ:CDMO)

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