Zacks: Brokerages Anticipate Avid Bioservices Inc (CDMO) Will Post Quarterly Sales of $15.53 Million

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Equities research analysts expect Avid Bioservices Inc (NASDAQ:CDMO) to announce $15.53 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Avid Bioservices’ earnings, with estimates ranging from $15.50 million to $15.55 million. Avid Bioservices reported sales of $6.94 million during the same quarter last year, which would suggest a positive year over year growth rate of 123.8%. The company is expected to issue its next earnings report on Monday, July 15th.

According to Zacks, analysts expect that Avid Bioservices will report full-year sales of $52.05 million for the current financial year, with estimates ranging from $52.00 million to $52.10 million. For the next year, analysts expect that the company will post sales of $68.70 million, with estimates ranging from $67.40 million to $70.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Avid Bioservices.

Avid Bioservices (NASDAQ:CDMO) last released its earnings results on Monday, March 11th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.02. The firm had revenue of $13.78 million during the quarter, compared to analyst estimates of $13.43 million. Avid Bioservices had a negative net margin of 3.52% and a negative return on equity of 20.74%.

Separately, Zacks Investment Research upgraded shares of Avid Bioservices from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Friday, January 25th.

Shares of NASDAQ:CDMO traded up $0.02 on Monday, hitting $4.33. 167,625 shares of the company were exchanged, compared to its average volume of 250,873. Avid Bioservices has a one year low of $3.05 and a one year high of $8.44. The company has a market cap of $242.81 million, a price-to-earnings ratio of -8.66 and a beta of 2.62.

Large investors have recently bought and sold shares of the company. AltraVue Capital LLC bought a new position in shares of Avid Bioservices during the 4th quarter worth about $5,411,000. Teachers Advisors LLC increased its holdings in shares of Avid Bioservices by 50.1% during the 3rd quarter. Teachers Advisors LLC now owns 98,768 shares of the biopharmaceutical company’s stock worth $678,000 after purchasing an additional 32,970 shares during the period. Vanguard Group Inc. increased its holdings in shares of Avid Bioservices by 5.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,330,198 shares of the biopharmaceutical company’s stock worth $15,985,000 after purchasing an additional 120,673 shares during the period. M&T Bank Corp increased its holdings in shares of Avid Bioservices by 18.8% during the 4th quarter. M&T Bank Corp now owns 42,059 shares of the biopharmaceutical company’s stock worth $172,000 after purchasing an additional 6,659 shares during the period. Finally, BlackRock Inc. increased its stake in Avid Bioservices by 9.7% in the third quarter. BlackRock Inc. now owns 3,576,949 shares of the biopharmaceutical company’s stock valued at $24,538,000 after acquiring an additional 315,661 shares during the period. Institutional investors own 40.81% of the company’s stock.

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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