Brokerages expect Avid Bioservices Inc (NASDAQ:CDMO) to report $15.53 million in sales for the current fiscal 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 posted 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 business is expected to announce its next earnings results on Monday, July 15th.

According to Zacks, analysts expect that Avid Bioservices will report full year sales of $52.05 million for the current fiscal year, with estimates ranging from $52.00 million to $52.10 million. For the next year, analysts forecast that the firm will report sales of $68.70 million, with estimates ranging from $67.40 million to $70.00 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Avid Bioservices.

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

Separately, Zacks Investment Research downgraded Avid Bioservices from a “buy” rating to a “hold” rating in a research report on Friday, February 8th.

Several institutional investors have recently modified their holdings of the stock. Two Sigma Investments LP raised its position in shares of Avid Bioservices by 5.8% during the 4th quarter. Two Sigma Investments LP now owns 56,717 shares of the biopharmaceutical company’s stock worth $233,000 after purchasing an additional 3,098 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of Avid Bioservices by 44.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 14,493 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 4,444 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of Avid Bioservices by 42.6% during the 1st quarter. Meeder Asset Management Inc. now owns 17,243 shares of the biopharmaceutical company’s stock worth $73,000 after purchasing an additional 5,152 shares during the last quarter. Valeo Financial Advisors LLC acquired a new position in shares of Avid Bioservices during the 1st quarter worth approximately $25,000. Finally, SG Americas Securities LLC raised its position in shares of Avid Bioservices by 3.3% during the 4th quarter. SG Americas Securities LLC now owns 181,793 shares of the biopharmaceutical company’s stock worth $745,000 after purchasing an additional 5,825 shares during the last quarter. Hedge funds and other institutional investors own 40.81% of the company’s stock.

Shares of NASDAQ:CDMO traded up $0.02 during trading on Monday, hitting $4.33. 167,625 shares of the stock were exchanged, compared to its average volume of 250,873. The firm has a market capitalization of $242.81 million, a price-to-earnings ratio of -8.66 and a beta of 2.62. Avid Bioservices has a 12-month low of $3.05 and a 12-month high of $8.44.

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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Earnings History and Estimates for Avid Bioservices (NASDAQ:CDMO)

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