Craig-Hallum Remains a Buy on Avid Bioservices (CDMO)

In a report released today, Matt Hewitt from Craig-Hallum reiterated a Buy rating on Avid Bioservices (CDMO – Research Report). The company’s shares closed last Thursday at $6.70.

Hewitt covers the Healthcare sector, focusing on stocks such as Codexis, Avid Bioservices, and Inotiv. According to TipRanks, Hewitt has an average return of 2.7% and a 46.91% success rate on recommended stocks.

Avid Bioservices has an analyst consensus of Strong Buy, with a price target consensus of $9.50.

Based on Avid Bioservices’ latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $25.4 million and a GAAP net loss of $9.51 million. In comparison, last year the company earned a revenue of $34.76 million and had a GAAP net loss of $1.16 million

Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CDMO in relation to earlier this year.

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Avid Bioservices (CDMO) Company Description:

Avid Bioservices, Inc. engages in the commercial manufacturing which focuses on biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. The firm specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions, and support. The company was founded on June 3, 1981 and is headquartered in Tustin, CA.