Avid Bioservices (NASDAQ:CDMO) Earns Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Avid Bioservices (NASDAQ:CDMO) in a research note issued to investors on Monday morning, AnalystRatings.com reports. They currently have a $11.00 price objective on the biopharmaceutical company’s stock.

“Valuation and impediments to achieving price target. We reiterate our Buy rating with a price target of $11. Our valuation is based on a discounted EBITDA model, which we believe takes into account both the established and anticipated revenue growth of Avid, which is the cornerstone of the company’s business. We assign a 23x multiple on F2023 EBIDTA discounted back at Avid’s WACC of 13%.”,” the firm’s analyst commented.

A number of other brokerages also recently issued reports on CDMO. Janney Montgomery Scott downgraded shares of Unitil from a buy rating to a neutral rating and set a $59.79 price objective for the company. in a research report on Friday, June 28th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research downgraded shares of First Merchants from a hold rating to a sell rating in a research report on Monday, July 1st. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Avid Bioservices has a consensus rating of Buy and a consensus target price of $8.58.

Shares of CDMO opened at $6.05 on Monday. The stock has a market cap of $340.76 million, a price-to-earnings ratio of -35.59 and a beta of 2.87. The company’s fifty day moving average is $4.46. Avid Bioservices has a 1-year low of $3.37 and a 1-year high of $8.44.

Avid Bioservices (NASDAQ:CDMO) last issued its quarterly earnings data on Thursday, June 27th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Avid Bioservices had a negative net margin of 7.86% and a negative return on equity of 9.29%. The firm had revenue of $17.06 million during the quarter, compared to the consensus estimate of $15.53 million. As a group, equities research analysts anticipate that Avid Bioservices will post -0.06 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the stock. Two Sigma Investments LP boosted its holdings in Avid Bioservices by 5.8% in the 4th quarter. Two Sigma Investments LP now owns 56,717 shares of the biopharmaceutical company’s stock worth $233,000 after buying an additional 3,098 shares during the period. D. E. Shaw & Co. Inc. boosted its holdings 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 buying an additional 4,444 shares during the period. Meeder Asset Management Inc. boosted its holdings 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 buying an additional 5,152 shares during the period. Valeo Financial Advisors LLC bought a new position in Avid Bioservices in the 1st quarter worth $25,000. Finally, SG Americas Securities LLC boosted its holdings in Avid Bioservices by 4.9% in the 1st quarter. SG Americas Securities LLC now owns 190,749 shares of the biopharmaceutical company’s stock worth $811,000 after buying an additional 8,956 shares during the period. 38.62% of the stock is 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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