HC Wainwright reaffirmed their buy rating on shares of Avid Bioservices (NASDAQ:CDMO) in a report released on Monday morning, AnalystRatings.com reports. They currently have a $11.00 price target on the biopharmaceutical company’s stock.

“Valuation and impediments to achieving price target. We reiterate our Buy rating with a price target of $11. Our valuation is based on a discounted EBITDA model, which we believe takes into account both the established and anticipated revenue growth of Avid, which is the cornerstone of the company‚Äôs business. We assign a 23x multiple on F2023 EBIDTA discounted back at Avid’s WACC of 13%.”,” the firm’s analyst wrote.

CDMO has been the subject of several other reports. Zacks Investment Research cut shares of First Merchants from a hold rating to a sell rating in a report on Monday, July 1st. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Finally, Janney Montgomery Scott cut shares of Unitil from a buy rating to a neutral rating and set a $59.79 target price for the company. in a report on Friday, June 28th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Avid Bioservices currently has an average rating of Buy and a consensus target price of $8.58.

Shares of CDMO traded down $0.02 during mid-day trading on Monday, hitting $6.05. The company’s stock had a trading volume of 647,017 shares, compared to its average volume of 337,724. The company has a 50-day moving average of $4.41. The company has a market cap of $340.76 million, a PE ratio of -35.59 and a beta of 2.87. Avid Bioservices has a fifty-two week low of $3.37 and a fifty-two week high of $8.44.

Avid Bioservices (NASDAQ:CDMO) last announced its quarterly earnings data on Thursday, June 27th. The biopharmaceutical company reported ($0.02) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. Avid Bioservices had a negative net margin of 7.86% and a negative return on equity of 9.29%. The company had revenue of $17.06 million for the quarter, compared to analysts’ expectations of $15.53 million. On average, equities analysts anticipate that Avid Bioservices will post -0.06 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Valeo Financial Advisors LLC acquired a new position in shares of Avid Bioservices in the first quarter worth about $25,000. Harborview Advisors LLC acquired a new position in shares of Avid Bioservices in the first quarter worth about $52,000. D. E. Shaw & Co. Inc. boosted its holdings in shares of Avid Bioservices by 44.2% during the fourth 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 period. Meeder Asset Management Inc. boosted its holdings in shares of Avid Bioservices by 42.6% during the first 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 period. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in shares of Avid Bioservices by 356.6% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 18,436 shares of the biopharmaceutical company’s stock worth $76,000 after purchasing an additional 14,398 shares during the period. Institutional investors own 38.62% of the company’s stock.

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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