Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating) – Research analysts at KeyCorp boosted their Q3 2023 earnings estimates for Avid Bioservices in a research report issued to clients and investors on Tuesday, September 6th. KeyCorp analyst P. Knight now anticipates that the biopharmaceutical company will post earnings per share of $0.03 for the quarter, up from their prior forecast of $0.01. The consensus estimate for Avid Bioservices' current full-year earnings is $0.06 per share.
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Separately, Royal Bank of Canada lowered their target price on shares of Avid Bioservices from $32.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, June 30th. One analyst has rated the stock with a sell rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.67.
Avid Bioservices Price Performance
Shares of NASDAQ CDMO opened at $18.33 on Friday. Avid Bioservices has a twelve month low of $11.30 and a twelve month high of $34.51. The firm has a fifty day simple moving average of $18.16 and a 200 day simple moving average of $17.03. The company has a market capitalization of $1.14 billion, a PE ratio of 10.36 and a beta of 2.15. The company has a quick ratio of 2.03, a current ratio of 1.94 and a debt-to-equity ratio of 0.79.
Avid Bioservices (NASDAQ:CDMO – Get Rating) last issued its quarterly earnings results on Wednesday, June 29th. The biopharmaceutical company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of ($0.02) by $0.06. The company had revenue of $31.23 million for the quarter, compared to analyst estimates of $29.20 million. Avid Bioservices had a net margin of 97.93% and a return on equity of 10.03%.
Institutional Trading of Avid Bioservices
Hedge funds and other institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its stake in shares of 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 purchasing an additional 38,786 shares in the last quarter. Parkman Healthcare Partners LLC raised its holdings in Avid Bioservices by 40.5% in the 1st quarter. Parkman Healthcare Partners LLC now owns 407,458 shares of the biopharmaceutical company's stock worth $8,300,000 after purchasing an additional 117,458 shares in the last quarter. Brinker Capital Investments LLC bought a new position in Avid Bioservices in the 4th quarter worth $260,000. New York State Common Retirement Fund raised 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 worth $12,845,000 after purchasing an additional 46,808 shares in the last quarter. Finally, Comerica Bank raised its holdings in Avid Bioservices by 2.1% in the 1st quarter. Comerica Bank now owns 52,044 shares of the biopharmaceutical company's stock worth $948,000 after purchasing an additional 1,070 shares in the last quarter. Institutional investors own 98.80% of the company's stock.
Insider Activity
In related news, CEO Nicholas Stewart Green sold 22,725 shares of the business's stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $17.53, for a total transaction of $398,369.25. Following the transaction, the chief executive officer now directly owns 48,632 shares in the company, valued at $852,518.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Richard B. Hancock sold 7,537 shares of the business's stock in a transaction that occurred on Monday, June 27th. The shares were 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 of the company's stock, valued at $565,680.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Nicholas Stewart Green sold 22,725 shares of the company's stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $17.53, for a total transaction of $398,369.25. Following the sale, the chief executive officer now directly owns 48,632 shares in the company, valued at approximately $852,518.96. The disclosure for this sale can be found here. Insiders sold 73,196 shares of company stock worth $1,304,059 over the last three months. 1.86% of the stock is currently owned by insiders.
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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