Avid Bioservices Inc (CDMO) Receives $8.33 Average Price Target from Brokerages

Avid Bioservices Inc (NASDAQ:CDMO) has been given an average recommendation of “Buy” by the six brokerages that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $8.33.

CDMO has been the subject of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $11.00 target price on shares of Avid Bioservices in a research note on Tuesday, December 11th. ValuEngine cut shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. Finally, Zacks Investment Research upgraded shares of Avid Bioservices from a “hold” rating to a “buy” rating and set a $5.75 target price for the company in a research note on Wednesday, December 12th.

A number of hedge funds and other institutional investors have recently made changes to their positions in CDMO. BlackRock Inc. lifted its stake in Avid Bioservices by 329.6% during the 2nd quarter. BlackRock Inc. now owns 3,261,288 shares of the biopharmaceutical company’s stock valued at $12,784,000 after acquiring an additional 2,502,164 shares during the period. Northern Trust Corp lifted its stake in Avid Bioservices by 386.4% during the 2nd quarter. Northern Trust Corp now owns 568,886 shares of the biopharmaceutical company’s stock valued at $2,230,000 after acquiring an additional 451,916 shares during the period. EAM Investors LLC acquired a new stake in Avid Bioservices during the 3rd quarter valued at approximately $2,023,000. EAM Global Investors LLC acquired a new stake in Avid Bioservices during the 3rd quarter valued at approximately $1,404,000. Finally, SG Americas Securities LLC acquired a new stake in Avid Bioservices during the 3rd quarter valued at approximately $1,207,000. Institutional investors and hedge funds own 29.76% of the company’s stock.

CDMO stock traded down $0.08 during trading on Wednesday, reaching $4.60. The company had a trading volume of 151,259 shares, compared to its average volume of 242,825. The stock has a market capitalization of $265.76 million, a PE ratio of -9.20 and a beta of 2.58. Avid Bioservices has a twelve month low of $2.24 and a twelve month high of $8.44.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, December 10th. The biopharmaceutical company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The company had revenue of $10.18 million during the quarter, compared to analysts’ expectations of $10.75 million. Avid Bioservices had a negative net margin of 31.20% and a negative return on equity of 38.67%. Sell-side analysts anticipate that Avid Bioservices will post -0.21 earnings per share for the current year.

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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