Avid Bioservices (CDMO) Lowered to Hold at ValuEngine

Avid Bioservices (NASDAQ:CDMO) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

A number of other research firms have also recently weighed in on CDMO. HC Wainwright increased their price objective on shares of Avid Bioservices from $6.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 11th. Zacks Investment Research cut shares of Avid Bioservices from a “hold” rating to a “sell” rating in a report on Thursday, July 19th. Finally, Janney Montgomery Scott began coverage on shares of Avid Bioservices in a report on Monday, June 25th. They issued a “buy” rating and a $10.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Avid Bioservices has an average rating of “Buy” and a consensus price target of $8.33.

Shares of NASDAQ:CDMO traded down $0.16 on Monday, reaching $5.74. 362,600 shares of the company’s stock were exchanged, compared to its average volume of 498,090. The stock has a market capitalization of $384.17 million, a price-to-earnings ratio of -11.48 and a beta of 2.37. Avid Bioservices has a fifty-two week low of $2.24 and a fifty-two week high of $8.44.

Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings data on Monday, September 10th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.03. Avid Bioservices had a negative net margin of 57.67% and a negative return on equity of 60.06%. The business had revenue of $12.59 million for the quarter, compared to analysts’ expectations of $9.95 million. On average, sell-side analysts predict that Avid Bioservices will post -0.24 earnings per share for the current fiscal year.

In related news, Director Joel Mccomb sold 50,000 shares of the stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $6.53, for a total value of $326,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.92% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in CDMO. Commonwealth Equity Services LLC acquired a new stake in shares of Avid Bioservices in the 1st quarter worth about $156,000. Rhumbline Advisers bought a new position in Avid Bioservices in the 2nd quarter valued at about $174,000. Citadel Advisors LLC bought a new position in Avid Bioservices in the 1st quarter valued at about $190,000. California Public Employees Retirement System bought a new position in Avid Bioservices in the 1st quarter valued at about $200,000. Finally, JPMorgan Chase & Co. bought a new position in Avid Bioservices in the 1st quarter valued at about $284,000. 21.72% of the stock is currently owned by institutional investors and hedge funds.

Avid Bioservices Company Profile

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Avid Bioservices (NASDAQ:CDMO)

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