Avid Bioservices Inc (CDMO) is expected to announce a quarterly revenue of $ 9.95 million

Wall Street analysts expect Avid Bioservices Inc. (NASDAQ: CDMO) to report revenues of $ 9.95 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for the revenue of Avid Bioservices. The highest sales estimate is $ 12.90 million and the lowest is $ 7.00 million. Avid Bioservices reported revenues of $ 27.08 million in the same quarter last year, indicating a negative year-on-year growth of 63.3%. The company is expected to report its next earnings results on Monday 10 September.

On average, analysts expect Avid Bioservices to report sales of $ 54.60 million for the current fiscal year, with estimates ranging from $ 54.20 million to $ 55.00 million. For the following year, analysts expect the company to report sales of $ 69.70 million per share, with estimates ranging from $ 67.40 million to $ 72.00 million. Zacks' sales calculations are an average based on a survey of selling research firms related to Avid Bioservices.

Avid Bioservices (NASDAQ: CDMO) has published its quarterly results for the last time on Monday, July 16th. The biopharmaceutical company reported $ 0.05 earnings per share (EPS) for the quarter, with consensus estimates of ($ 0.15) analysts being exceeded by $ 0.20. Avid Bioservices had a negative net margin of 40.68% and a negative return on equity of 58.67%. The company had revenues of $ 6.94 million during the quarter compared to the consensus estimate of $ 6.51 million.

CDMO has been the subject of a number of reports from research analysts. ValuEngine has upgraded Avid Bioservices shares from a "strong sell" rating to a "sell" rating in a report on Wednesday, May 2. Zacks Investment Research reduced Avid Bioservices' shares from a & # 39; hold & # 39; credit to a & # 39; sell & # 39; credit in a research report on Thursday, July 19. HC Wainwright repeated a "buy" rating and set a target price of $ 6.00 on Avid Bioservices shares in a research report on Tuesday, July 17. Finally, Janney Montgomery Scott started the coverage of Avid Bioservices shares in a research report on Monday 25 June. They set a "buy" classification and a target price of $ 10.00 for the company. One investment analyst has rated the shares with a sell rating, one has a hold rating and five have assigned a buy-rating to the company's shares. Avid Bioservices has an average rating of & # 39; Buy & # 39; and an average price target of $ 7.50.

NASDAQ CDMO traded $ 0.49 during trading hours on Wednesday and reached $ 6.24. 641,663 shares of the company were exchanged, compared with the average volume of 295,261. Avid Bioservices has a 1-year low of $ 2.24 and a 1-year high of $ 6.57. The company has a market capitalization of $ 325.30 million, a PE ratio of -12.48 and a beta of 2.19.

A number of large investors have recently adjusted their participations in CDMO. BlackRock Inc. strengthened its position in Avid Bioservices by 329.6% during the second quarter. BlackRock Inc. now holds 3,261,288 shares of the biopharmaceutical company's share of $ 12,784,000 after the purchase of an additional 2,502,164 shares during the period. Bandera Partners LLC acquired a new position in Avid Bioservices in the first quarter of approximately $ 2,984,000. CVI Holdings LLC acquired a new position in Avid Bioservices in the first quarter of approximately $ 1,729,000. Schwartz Investment Counsel Inc. purchased a new position in Avid Bioservices in the first quarter of approximately $ 1,387,000. Finally, Wells Fargo & Company MN acquired a new position in Avid Bioservices in the first quarter of approximately $ 644,000. Hedge funds and other institutional investors hold 23.93% of the company's shares.

About Avid Bioservices

Avid Bioservices, Inc. operates as a contract development and production organization that focuses on the development and cGMP production of biopharmaceutical products derived from mammalian cell culture. It offers a range of process development and cGMP clinical and commercial production services for the biotechnology and biopharmaceutical industry.

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Income History and Estimates for Avid Bioservices (NASDAQ: CDMO)

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