Avid Bioservices (NASDAQ:CDMO) Stock Rating Upgraded by Zacks Investment Research

Avid Bioservices (NASDAQ:CDMO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Avid Bioservices, Inc. is a dedicated contract development and manufacturing organization focused on development and cGMP manufacturing of biopharmaceutical products derived from mammalian cell culture. The company provides process development, high quality cGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. It also offer process development activities, including cell line development and optimization, cell culture and feed optimization, analytical methods development and product characterization. Avid Bioservices Inc., formerly known as Peregrine Pharmaceuticals Inc., is based in TUSTIN, United States. “

Other analysts have also recently issued reports about the company. HC Wainwright set a $73.00 price target on Uniqure and gave the stock a “buy” rating in a research report on Monday. Janney Montgomery Scott cut Unitil from a “buy” rating to a “neutral” rating and set a $59.79 price target on the stock. in a research report on Friday, June 28th. Finally, ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $8.58.



NASDAQ CDMO traded down $0.01 on Tuesday, hitting $6.06. 30,921 shares of the stock traded hands, compared to its average volume of 335,211. The company has a 50-day moving average price of $4.41. Avid Bioservices has a twelve month low of $3.37 and a twelve month high of $8.44. The stock has a market capitalization of $340.76 million, a P/E ratio of -35.82 and a beta of 2.87.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Thursday, June 27th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. Avid Bioservices had a negative return on equity of 9.29% and a negative net margin of 7.86%. The firm had revenue of $17.06 million for the quarter, compared to analysts’ expectations of $15.53 million. On average, analysts predict that Avid Bioservices will post -0.06 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC acquired a new stake in shares of Avid Bioservices during the 1st quarter worth approximately $25,000. Harborview Advisors LLC acquired a new stake in shares of Avid Bioservices during the 1st quarter worth approximately $52,000. D. E. Shaw & Co. Inc. raised its position in shares of Avid Bioservices by 44.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 14,493 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 4,444 shares during the period. Meeder Asset Management Inc. raised its position in shares of Avid Bioservices by 42.6% during the 1st quarter. Meeder Asset Management Inc. now owns 17,243 shares of the biopharmaceutical company’s stock worth $73,000 after purchasing an additional 5,152 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its position in Avid Bioservices by 356.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 18,436 shares of the biopharmaceutical company’s stock valued at $76,000 after acquiring an additional 14,398 shares during the period. Institutional investors and hedge funds own 38.62% 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.

See Also: Systematic Risk

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