Avid Bioservices, Inc. (NASDAQ:CDMO – Get Rating) – Equities research analysts at KeyCorp reduced their FY2024 earnings estimates for Avid Bioservices in a research note issued to investors on Wednesday, June 21st. KeyCorp analyst P. Knight now expects that the biopharmaceutical company will post earnings of ($0.07) per share for the year, down from their prior forecast of $0.10. The consensus estimate for Avid Bioservices’ current full-year earnings is $0.02 per share. KeyCorp also issued estimates for Avid Bioservices’ FY2025 earnings at $0.20 EPS.
Avid Bioservices (NASDAQ:CDMO – Get Rating) last announced its quarterly earnings results on Wednesday, June 21st. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.07. The company had revenue of $39.80 million for the quarter, compared to the consensus estimate of $39.00 million. Avid Bioservices had a net margin of 0.38% and a return on equity of 0.40%. During the same quarter in the prior year, the firm earned $0.04 earnings per share.
Avid Bioservices Stock Performance
Shares of CDMO stock opened at $13.34 on Monday. Avid Bioservices has a one year low of $11.34 and a one year high of $21.05. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.00 and a current ratio of 1.53. The company has a 50 day moving average price of $16.88 and a 200 day moving average price of $16.47. The firm has a market capitalization of $836.82 million, a price-to-earnings ratio of 1,335.34 and a beta of 1.84.
Insider Buying and Selling at Avid Bioservices
In other Avid Bioservices news, CEO Nicholas Stewart Green sold 7,000 shares of the firm’s stock in a transaction dated Thursday, April 13th. The shares were sold at an average price of $20.92, for a total value of $146,440.00. Following the completion of the transaction, the chief executive officer now directly owns 83,531 shares in the company, valued at $1,747,468.52. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Nicholas Stewart Green sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 13th. The shares were sold at an average price of $20.92, for a total transaction of $146,440.00. Following the transaction, the chief executive officer now owns 83,531 shares of the company’s stock, valued at $1,747,468.52. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Richard B. Hancock sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $16.37, for a total transaction of $81,850.00. Following the transaction, the director now directly owns 39,134 shares in the company, valued at approximately $640,623.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,875 shares of company stock valued at $1,213,950. Company insiders own 1.86% of the company’s stock.
Hedge Funds Weigh In On Avid Bioservices
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new position in Avid Bioservices during the 1st quarter worth about $29,000. Scissortail Wealth Management LLC acquired a new position in Avid Bioservices during the 1st quarter worth approximately $304,617,000. Lakewood Asset Management LLC acquired a new position in Avid Bioservices during the 4th quarter worth approximately $35,000. US Bancorp DE acquired a new stake in shares of Avid Bioservices in the 1st quarter valued at approximately $76,000. Finally, Captrust Financial Advisors boosted its holdings in shares of Avid Bioservices by 170.6% in the 2nd quarter. Captrust Financial Advisors now owns 7,629 shares of the biopharmaceutical company’s stock valued at $116,000 after buying an additional 4,810 shares during the last quarter.
About Avid Bioservices
Avid Bioservices, Inc, a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture. The company produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, and regulatory submission and support.
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