According to Zacks, “Avid Bioservices, Inc. is a dedicated contract development and manufacturing organization focused on development and cGMP manufacturing of biopharmaceutical products derived from mammalian cell culture. The company provides process development, high quality cGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. It also offer process development activities, including cell line development and optimization, cell culture and feed optimization, analytical methods development and product characterization. Avid Bioservices Inc., formerly known as Peregrine Pharmaceuticals Inc., is based in TUSTIN, United States. “
Several other research firms have also recently weighed in on CDMO. HC Wainwright set a $73.00 price target on shares of Uniqure and gave the company a buy rating in a report on Monday. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Finally, Janney Montgomery Scott cut shares of Unitil from a buy rating to a neutral rating and set a $59.79 target price for the company. in a report on Friday, June 28th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Avid Bioservices currently has an average rating of Buy and an average price target of $8.58.
Avid Bioservices (NASDAQ:CDMO) last released its quarterly earnings results on Thursday, June 27th. The biopharmaceutical company reported ($0.02) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. The company had revenue of $17.06 million during the quarter, compared to analysts’ expectations of $15.53 million. Avid Bioservices had a negative net margin of 7.86% and a negative return on equity of 9.29%. On average, equities research analysts predict that Avid Bioservices will post -0.06 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in CDMO. Geode Capital Management LLC lifted its stake in Avid Bioservices by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 527,772 shares of the biopharmaceutical company’s stock valued at $2,163,000 after acquiring an additional 27,685 shares during the last quarter. Roubaix Capital LLC bought a new position in shares of Avid Bioservices in the first quarter valued at about $2,077,000. Bank of New York Mellon Corp raised its position in shares of Avid Bioservices by 10.0% in the fourth quarter. Bank of New York Mellon Corp now owns 170,342 shares of the biopharmaceutical company’s stock valued at $699,000 after purchasing an additional 15,459 shares during the period. Harborview Advisors LLC bought a new position in shares of Avid Bioservices in the first quarter valued at about $52,000. Finally, Jane Street Group LLC bought a new position in shares of Avid Bioservices in the fourth quarter valued at about $82,000. Institutional investors and hedge funds 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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