Avid Bioservices (NASDAQ:CDMO) Rating Lowered to Strong Sell at BidaskClub

BidaskClub downgraded shares of Avid Bioservices (NASDAQ:CDMO) from a sell rating to a strong sell rating in a research report sent to investors on Tuesday, BidAskClub reports.

Other analysts also recently issued research reports about the stock. First Analysis raised shares of Avid Bioservices from an outperform rating to a strong-buy rating and set a $7.50 target price on the stock in a research report on Tuesday, December 10th. Zacks Investment Research raised shares of Avid Bioservices from a sell rating to a hold rating in a research report on Tuesday, November 12th. HC Wainwright reissued a buy rating and set a $11.00 target price on shares of Avid Bioservices in a research report on Tuesday, December 10th. Stephens boosted their target price on shares of Avid Bioservices from $8.00 to $10.00 and gave the stock an overweight rating in a research report on Tuesday, December 10th. Finally, Craig Hallum started coverage on shares of Avid Bioservices in a research report on Wednesday, October 16th. They set a buy rating and a $11.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $9.04.

NASDAQ:CDMO opened at $6.80 on Tuesday. The company has a market cap of $383.10 million, a PE ratio of -37.78 and a beta of 2.81. Avid Bioservices has a twelve month low of $3.37 and a twelve month high of $8.38. The company has a current ratio of 1.67, a quick ratio of 1.44 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $6.82 and its two-hundred day moving average is $6.17.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, December 9th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The company had revenue of $18.31 million for the quarter, compared to the consensus estimate of $14.34 million. Avid Bioservices had a negative net margin of 6.83% and a negative return on equity of 8.78%. Avid Bioservices’s revenue was up 79.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) EPS. As a group, analysts expect that Avid Bioservices will post -0.17 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Caxton Associates LP purchased a new stake in shares of Avid Bioservices in the fourth quarter valued at about $147,000. Cubist Systematic Strategies LLC grew its holdings in shares of Avid Bioservices by 387.1% in the fourth quarter. Cubist Systematic Strategies LLC now owns 60,577 shares of the biopharmaceutical company’s stock valued at $465,000 after purchasing an additional 48,142 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Avid Bioservices by 13.8% in the fourth quarter. Bank of New York Mellon Corp now owns 199,486 shares of the biopharmaceutical company’s stock valued at $1,530,000 after purchasing an additional 24,197 shares during the period. UBS Group AG grew its holdings in shares of Avid Bioservices by 109.4% in the fourth quarter. UBS Group AG now owns 72,580 shares of the biopharmaceutical company’s stock valued at $557,000 after purchasing an additional 37,927 shares during the period. Finally, Public Sector Pension Investment Board purchased a new stake in shares of Avid Bioservices in the fourth quarter valued at about $637,000. 45.29% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Avid Bioservices (NASDAQ:CDMO)

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