Avid Bioservices (NASDAQ:CDMO) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05), Briefing.com reports. Avid Bioservices had a negative return on equity of 11.67% and a negative net margin of 9.63%. The firm had revenue of $15.25 million during the quarter, compared to analysts’ expectations of $14.37 million. The firm’s quarterly revenue was up 21.1% on a year-over-year basis. Avid Bioservices updated its FY 2020 guidance to EPS.
Shares of CDMO stock opened at $5.43 on Friday. Avid Bioservices has a fifty-two week low of $3.37 and a fifty-two week high of $8.44. The stock’s 50-day simple moving average is $6.55 and its 200-day simple moving average is $4.92.
Several research firms have issued reports on CDMO. Zacks Investment Research lowered shares of Avid Bioservices from a “hold” rating to a “sell” rating in a report on Wednesday. ValuEngine raised shares of Avid Bioservices from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. TheStreet raised shares of Avid Bioservices from a “d” rating to a “c-” rating in a report on Tuesday, July 9th. Janney Montgomery Scott raised shares of Avid Bioservices from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a report on Friday, June 28th. Finally, HC Wainwright restated a “buy” rating and set a $11.00 target price on shares of Avid Bioservices in a research note on Monday, July 8th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $8.58.
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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