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Avid Bioservices Inc. (NASDAQ: CDMO) Could shrink By -40.45% Or More

Avid Bioservices Inc. (NASDAQ:CDMO)’s traded shares stood at 2.87 million during the last session, with the company’s beta value hitting 1.82. At the close of trading, the stock’s price was $17.80, to imply a decrease of -2.14% or -$0.39 in intraday trading. The CDMO share’s 52-week high remains $22.38, putting it -25.73% down since that peak but still an impressive 36.52% since price per share fell to its 52-week low of $11.30. The company has a valuation of $1.18B, with an average of 1.02 million shares in intraday trading volume over the past 10 days and average of 544.88K shares over the past 3 months.

Analysts have given a consensus recommendation of a Buy for Avid Bioservices Inc. (CDMO), translating to a mean rating of 2.00. Of 4 analyst(s) looking at the stock, 0 analyst(s) give CDMO a Sell rating. 0 of those analysts rate the stock as Overweight while 0 advise Hold as 4 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at -$0.03.

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Avid Bioservices Inc. (NASDAQ:CDMO) trade information

After registering a -2.14% downside in the last session, Avid Bioservices Inc. (CDMO) has traded red over the past five days. The stock hit a weekly high of 19.28 this Friday, 03/17/23, dropping -2.14% in its intraday price action. The 5-day price performance for the stock is 27.60%, and 5.26% over 30 days. With these gigs, the year-to-date price performance is 29.27%. Short interest in Avid Bioservices Inc. (NASDAQ:CDMO) saw shorts transact 5.49 million shares and set a 10.88 days time to cover.

Analysts on Wall Street suggest a consensus price target of $21.75, implying an increase of 18.16% to the stock’s current value. The extremes give us $20.00 and $25.00 for target low and target high price respectively. As such, CDMO has been trading -40.45% off suggested target high and -12.36% from its likely low.

Avid Bioservices Inc. (CDMO) estimates and forecasts

Looking at statistics comparing Avid Bioservices Inc. share performance against respective industry, we note that the company has underperformed competitors. Avid Bioservices Inc. (CDMO) shares are -7.05% down over the last 6 months, with its year-to-date growth rate lower than industry average at -110.81% against 9.60%. Revenue is forecast to shrink -175.00% this quarter before falling -200.00% for the next one. The rating firms project that company’s revenue will grow 22.60% compared to the previous financial year.

Revenue forecast for the current quarter as set by 4 analysts is $36.32 million. Meanwhile, for the quarter ending Apr 2023, a total of 4 analyst(s) estimate revenue growth to $38.82 million.Earnings reports from the last fiscal year show that sales brought in $31.51 million and $31.23 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 15.30% before jumping 24.30% in the following quarter.

An assessment of the company’s 5-year growth patterns shows that annual earnings grew an estimated 86.70% for the past 5-year period. While 2023 is set for a -123.80% return in earnings, projections for the next 5 years are at 15.00% annually.

CDMO Dividends

Avid Bioservices Inc. has its next earnings report out on March 13. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Avid Bioservices Inc. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Avid Bioservices Inc. (NASDAQ:CDMO)’s Major holders

Avid Bioservices Inc. insiders hold 0.66% of total outstanding shares, with institutional holders owning 110.10% of the shares at 110.83% float percentage. In total, 110.10% institutions holds shares in the company, led by Blackrock Inc. As of Sep 29, 2022, the company held over 9.65 million shares (or 15.49% of shares), all amounting to roughly $184.6 million.

The next major institution holding the largest number of shares is FMR, LLC with 5.81 million shares, or about 9.32% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $111.03 million.

We also have iShares Core S&P Smallcap ETF and SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF as the top two Mutual Funds with the largest holdings of the Avid Bioservices Inc. (CDMO) shares. Going by data provided on Dec 30, 2022, iShares Core S&P Smallcap ETF holds roughly 4.62 million shares. This is just over 7.42% of the total shares, with a market valuation of $63.66 million. Data from the same date shows that the other fund manager holds a little less at 3.06 million, or 4.91% of the shares, all valued at about 42.15 million.

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