Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating) – Research analysts at KeyCorp dropped their Q2 2023 earnings per share (EPS) estimates for Avid Bioservices in a report issued on Tuesday, September 6th. KeyCorp analyst P. Knight now anticipates that the biopharmaceutical company will post earnings per share of ($0.01) for the quarter, down from their previous forecast of $0.02. The consensus estimate for Avid Bioservices' current full-year earnings is $0.06 per share. KeyCorp also issued estimates for Avid Bioservices' Q4 2023 earnings at $0.03 EPS.
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Separately, Royal Bank of Canada decreased their target price on Avid Bioservices from $32.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, June 30th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $26.67.
Avid Bioservices Trading Up 6.0 %
CDMO opened at $17.22 on Thursday. Avid Bioservices has a 52 week low of $11.30 and a 52 week high of $34.51. The business has a fifty day simple moving average of $18.10 and a 200-day simple moving average of $17.04. The firm has a market cap of $1.07 billion, a P/E ratio of 9.73 and a beta of 2.15. The company has a quick ratio of 2.03, a current ratio of 2.38 and a debt-to-equity ratio of 0.81.
Avid Bioservices (NASDAQ:CDMO – Get Rating) last released its quarterly earnings results on Wednesday, June 29th. The biopharmaceutical company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.06. Avid Bioservices had a return on equity of 12.29% and a net margin of 97.93%. The business had revenue of $31.23 million during the quarter, compared to analyst estimates of $29.20 million.
Hedge Funds Weigh In On Avid Bioservices
Institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its position in Avid Bioservices by 259.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 53,738 shares of the biopharmaceutical company's stock valued at $1,095,000 after acquiring an additional 38,786 shares during the period. Brinker Capital Investments LLC purchased a new stake in Avid Bioservices in the 4th quarter valued at approximately $260,000. New York State Common Retirement Fund boosted its holdings in Avid Bioservices by 8.0% in the 1st quarter. New York State Common Retirement Fund now owns 630,605 shares of the biopharmaceutical company's stock valued at $12,845,000 after purchasing an additional 46,808 shares in the last quarter. Comerica Bank boosted its stake in shares of Avid Bioservices by 2.1% during the 1st quarter. Comerica Bank now owns 52,044 shares of the biopharmaceutical company's stock worth $948,000 after acquiring an additional 1,070 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Avid Bioservices by 24.2% during the 1st quarter. Fisher Asset Management LLC now owns 208,142 shares of the biopharmaceutical company's stock worth $4,240,000 after acquiring an additional 40,489 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company's stock.
Insider Buying and Selling at Avid Bioservices
In other Avid Bioservices news, Director Richard B. Hancock sold 7,537 shares of the firm's stock in a transaction on Monday, June 27th. The stock was sold at an average price of $16.07, for a total value of $121,119.59. Following the sale, the director now directly owns 35,201 shares in the company, valued at $565,680.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Richard B. Hancock sold 5,000 shares of Avid Bioservices stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $16.03, for a total transaction of $80,150.00. Following the sale, the director now owns 35,201 shares in the company, valued at $564,272.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard B. Hancock sold 7,537 shares of Avid Bioservices stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $16.07, for a total value of $121,119.59. Following the sale, the director now owns 35,201 shares in the company, valued at approximately $565,680.07. The disclosure for this sale can be found here. Insiders have sold a total of 73,196 shares of company stock worth $1,304,059 over the last ninety days. Corporate insiders own 1.86% of the company's stock.
About Avid Bioservices
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Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. The company produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.
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