Avid Bioservices (NASDAQ:CDMO) Stock Rating Upgraded by First Analysis

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Avid Bioservices (NASDAQ:CDMO) was upgraded by analysts at First Analysis from an “outperform” rating to a “strong-buy” rating in a report released on Tuesday, BenzingaRatingsTable reports.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Avid Bioservices from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Craig Hallum began coverage on shares of Avid Bioservices in a research note on Wednesday, October 16th. They issued a “buy” rating and a $11.00 price objective for the company. HC Wainwright set a $11.00 price objective on shares of Avid Bioservices and gave the stock a “buy” rating in a research note on Friday, September 6th. TheStreet cut shares of Avid Bioservices from a “c-” rating to a “d+” rating in a research report on Thursday, September 12th. Finally, Stephens reissued an “overweight” rating and set a $10.00 target price (up from $8.00) on shares of Avid Bioservices in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $9.35.

Shares of CDMO opened at $5.85 on Tuesday. The business’s 50-day moving average price is $5.35 and its 200 day moving average price is $5.47. The stock has a market capitalization of $325.62 million, a P/E ratio of -34.41 and a beta of 2.70. Avid Bioservices has a 1-year low of $3.37 and a 1-year high of $7.15. The company has a current ratio of 1.78, a quick ratio of 1.50 and a debt-to-equity ratio of 0.47.

Avid Bioservices (NASDAQ:CDMO) last posted its quarterly earnings data on Monday, December 9th. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Avid Bioservices had a negative net margin of 9.63% and a negative return on equity of 11.89%. The company had revenue of $18.31 million during the quarter, compared to analyst estimates of $14.34 million. During the same period in the prior year, the firm earned ($0.05) earnings per share. The business’s quarterly revenue was up 79.9% on a year-over-year basis. On average, research analysts predict that Avid Bioservices will post -0.18 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in CDMO. Eagle Asset Management Inc. acquired a new stake in shares of Avid Bioservices during the second quarter worth approximately $59,000. Zacks Investment Management purchased a new position in Avid Bioservices during the second quarter valued at approximately $107,000. Verity Asset Management Inc. purchased a new position in Avid Bioservices during the third quarter valued at approximately $118,000. Metropolitan Life Insurance Co NY acquired a new position in Avid Bioservices in the 3rd quarter valued at approximately $118,000. Finally, Jane Street Group LLC acquired a new position in Avid Bioservices in the 2nd quarter valued at approximately $131,000. 45.00% of the stock is currently owned by institutional investors.

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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