Avid Bioservices (NASDAQ:CDMO) closed the most recent trading day at $18.20, moving -1.67% from the previous trading session. This change was narrower than the S&P 500's 1.89% loss on the day. Elsewhere, the Dow lost 1.3%, while the tech-heavy Nasdaq lost 0.17%.
Coming into today, shares of the contract manufacturer had lost 37.34% in the past month. In that same time, the Medical sector lost 7.68%, while the S&P 500 lost 1.79%.
Wall Street will be looking for positivity from Avid Bioservices as it approaches its next earnings report date. In that report, analysts expect Avid Bioservices to post earnings of $0.05 per share. This would mark year-over-year growth of 400%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $28 million, up 28.38% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.28 per share and revenue of $117.1 million, which would represent changes of +366.67% and +22.15%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Avid Bioservices. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 5.66% higher. Avid Bioservices is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Avid Bioservices is holding a Forward P/E ratio of 66.11. This valuation marks a premium compared to its industry's average Forward P/E of 18.19.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 151, putting it in the bottom 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Avid Bioservices, Inc. (CDMO): Free Stock Analysis Report
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