Avid Bioservices (NASDAQ:CDMO) Stock Rating Upgraded by ValuEngine

Avid Bioservices (NASDAQ:CDMO) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, ValuEngine reports.

A number of other research analysts have also commented on CDMO. Zacks Investment Research upgraded Avid Bioservices from a “hold” rating to a “strong-buy” rating and set a $4.75 target price for the company in a research note on Thursday, March 14th. Janney Montgomery Scott cut Avid Bioservices from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $5.00 in a report on Thursday, May 9th. Finally, HC Wainwright set a $11.00 target price on Avid Bioservices and gave the stock a “buy” rating in a report on Friday, June 28th.

NASDAQ CDMO opened at $5.99 on Tuesday. The business’s 50-day moving average is $4.06. Avid Bioservices has a 1 year low of $3.37 and a 1 year high of $8.44.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings results on Thursday, June 27th. The biopharmaceutical company reported ($0.02) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. The business had revenue of $17.06 million during the quarter, compared to analysts’ expectations of $15.53 million. Avid Bioservices had a negative return on equity of 9.29% and a negative net margin of 7.86%. Equities analysts expect that Avid Bioservices will post -0.06 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Valeo Financial Advisors LLC bought a new position in Avid Bioservices in the 1st quarter worth $25,000. Harborview Advisors LLC purchased a new stake in Avid Bioservices in the 1st quarter worth about $52,000. D. E. Shaw & Co. Inc. raised its position in Avid Bioservices by 44.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 14,493 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 4,444 shares during the period. Meeder Asset Management Inc. raised its position in Avid Bioservices by 42.6% in the 1st quarter. Meeder Asset Management Inc. now owns 17,243 shares of the biopharmaceutical company’s stock worth $73,000 after purchasing an additional 5,152 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of Avid Bioservices by 356.6% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 18,436 shares of the biopharmaceutical company’s stock worth $76,000 after acquiring an additional 14,398 shares during the period. Hedge funds and other institutional investors own 38.62% of the company’s stock.

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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