Zacks: Analysts Anticipate Avid Bioservices Inc (CDMO) Will Announce Quarterly Sales of $15.53 Million
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%.
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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