Analysts Set Avid Bioservices Inc (CDMO) PT at $4.00

Shares of Avid Bioservices Inc (NASDAQ:CDMO) have received a consensus rating of “Buy” from the six ratings firms that are presently covering the stock, reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $4.00.

CDMO has been the topic of several analyst reports. Zacks Investment Research cut Avid Bioservices from a “hold” rating to a “sell” rating in a research report on Saturday, December 16th. First Analysis started coverage on Avid Bioservices in a research report on Tuesday, March 13th. They set an “overweight” rating and a $4.00 price target on the stock. Wells Fargo started coverage on shares of Avid Bioservices in a research report on Thursday, March 15th. They issued an “outperform” rating on the stock. Noble Financial restated a “buy” rating on shares of Avid Bioservices in a research report on Friday, January 5th. Finally, ValuEngine cut shares of Avid Bioservices from a “sell” rating to a “strong sell” rating in a research report on Monday, April 2nd.

In related news, Director Mark R. Bamforth acquired 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average cost of $2.25 per share, for a total transaction of $112,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.53% of the stock is currently owned by corporate insiders.

Shares of CDMO opened at $3.20 on Monday. Avid Bioservices has a twelve month low of $2.24 and a twelve month high of $5.78.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Monday, March 12th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.09). Avid Bioservices had a negative net margin of 46.62% and a negative return on equity of 57.49%. The company had revenue of $6.82 million for the quarter, compared to the consensus estimate of $8.95 million. equities analysts anticipate that Avid Bioservices will post -0.63 earnings per share for the current year.

The business also recently disclosed a dividend, which was paid on Monday, April 2nd. Investors of record on Monday, March 19th were given a $0.6563 dividend. The ex-dividend date was Friday, March 16th.

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Avid Bioservices Company Profile

Avid Bioservices, Inc, formerly Peregrine Pharmaceuticals, Inc, is a biopharmaceutical company. The Company is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts. The Company delivers pharmaceutical products through its contract manufacturing business and through licensing its development-stage immunotherapy products.

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