Brokerages Set Avid Bioservices (CDMO) PT at $4.00

Avid Bioservices (NASDAQ:CDMO) has earned an average recommendation of “Buy” from the six ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $4.00.

Several brokerages have recently issued reports on CDMO. Noble Financial reiterated a “buy” rating on shares of Avid Bioservices in a research report on Friday, January 5th. ValuEngine lowered shares of Avid Bioservices from a “sell” rating to a “strong sell” rating in a research report on Monday, April 2nd. Zacks Investment Research upgraded shares of Avid Bioservices from a “sell” rating to a “hold” rating in a research report on Tuesday, February 27th. Wells Fargo began coverage on shares of Avid Bioservices in a research report on Thursday, March 15th. They issued an “outperform” rating on the stock. Finally, First Analysis began coverage on shares of Avid Bioservices in a research report on Tuesday, March 13th. They issued an “overweight” rating and a $4.00 target price on the stock.

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Shares of NASDAQ CDMO traded down $0.10 during trading on Monday, hitting $3.28. The company had a trading volume of 629,075 shares, compared to its average volume of 391,050. Avid Bioservices has a fifty-two week low of $2.24 and a fifty-two week high of $5.78. The firm has a market cap of $187.77, a price-to-earnings ratio of -3.73 and a beta of 2.23.

Avid Bioservices (NASDAQ:CDMO) last announced its earnings results on Monday, March 12th. The biopharmaceutical company reported ($0.23) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.09). Avid Bioservices had a negative net margin of 46.62% and a negative return on equity of 57.49%. The company had revenue of $6.82 million during the quarter, compared to analyst estimates of $8.95 million. equities analysts expect that Avid Bioservices will post -0.63 EPS for the current fiscal year.

The firm also recently declared a dividend, which was paid on Monday, April 2nd. Investors of record on Monday, March 19th were given a dividend of $0.6563 per share. The ex-dividend date of this dividend was Friday, March 16th.

In other Avid Bioservices news, Director Mark R. Bamforth purchased 50,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $2.25 per share, for a total transaction of $112,500.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.53% of the company’s stock.

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Avid Bioservices Company Profile

Avid Bioservices, Inc operates as a contract development and manufacturing organization focusing on the development and cGMP manufacture of biopharmaceutical products derived from mammalian cell culture. It provides a range of process development, and cGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries.

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