Avid Bioservices (NASDAQ:CDMO) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Avid Bioservices (NASDAQ:CDMO) issued its earnings results on Thursday, September 5th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05), Briefing.com reports. Avid Bioservices had a negative return on equity of 11.89% and a negative net margin of 9.63%. The firm had revenue of $15.25 million for the quarter, compared to analyst estimates of $14.37 million. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. Avid Bioservices updated its FY 2020 guidance to EPS.

NASDAQ CDMO opened at $5.61 on Friday. Avid Bioservices has a 52-week low of $3.37 and a 52-week high of $7.50. The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $303.70 million, a P/E ratio of -33.00 and a beta of 2.80. The firm has a 50-day moving average price of $6.47 and a 200 day moving average price of $4.95.

Several equities analysts have issued reports on CDMO shares. TheStreet upgraded shares of Avid Bioservices from a “d” rating to a “c-” rating in a research note on Tuesday, July 9th. HC Wainwright set a $11.00 price objective on shares of Avid Bioservices and gave the company a “buy” rating in a research note on Friday, September 6th. Janney Montgomery Scott upgraded shares of Avid Bioservices from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Friday, June 28th. Zacks Investment Research downgraded shares of Avid Bioservices from a “hold” rating to a “sell” rating in a research note on Wednesday, September 4th. Finally, ValuEngine downgraded shares of Avid Bioservices from a “buy” rating to a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $8.58.

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.

Read More: How much can an individual set aside as a catch-up contribution?

Earnings History for Avid Bioservices (NASDAQ:CDMO)

Receive News & Ratings for Avid Bioservices Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Bioservices and related companies with MarketBeat.com's FREE daily email newsletter.