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Avid Bioservices (CDMO) Stock Moves -1.6%: What You Should Know
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Avid Bioservices (CDMO - Free Report) closed at $21.54 in the latest trading session, marking a -1.6% move from the prior day. This move was narrower than the S&P 500's daily loss of 1.81%. At the same time, the Dow lost 1.47%, and the tech-heavy Nasdaq lost 0.51%.
Prior to today's trading, shares of the contract manufacturer had lost 1.93% over the past month. This has lagged the Medical sector's loss of 0.95% and the S&P 500's loss of 1.84% in that time.
Investors will be hoping for strength from Avid Bioservices as it approaches its next earnings release. On that day, Avid Bioservices is projected to report earnings of $0.05 per share, which would represent 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.
Investors should also note any recent changes to analyst estimates for Avid Bioservices. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Avid Bioservices is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Avid Bioservices is currently trading at a Forward P/E ratio of 78.18. This represents a premium compared to its industry's average Forward P/E of 17.05.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 144, which puts it in the bottom 44% 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.
To follow CDMO in the coming trading sessions, be sure to utilize Zacks.com.
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Avid Bioservices (CDMO) Stock Moves -1.6%: What You Should Know
Avid Bioservices (CDMO - Free Report) closed at $21.54 in the latest trading session, marking a -1.6% move from the prior day. This move was narrower than the S&P 500's daily loss of 1.81%. At the same time, the Dow lost 1.47%, and the tech-heavy Nasdaq lost 0.51%.
Prior to today's trading, shares of the contract manufacturer had lost 1.93% over the past month. This has lagged the Medical sector's loss of 0.95% and the S&P 500's loss of 1.84% in that time.
Investors will be hoping for strength from Avid Bioservices as it approaches its next earnings release. On that day, Avid Bioservices is projected to report earnings of $0.05 per share, which would represent 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.
Investors should also note any recent changes to analyst estimates for Avid Bioservices. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Avid Bioservices is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Avid Bioservices is currently trading at a Forward P/E ratio of 78.18. This represents a premium compared to its industry's average Forward P/E of 17.05.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 144, which puts it in the bottom 44% 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.
To follow CDMO in the coming trading sessions, be sure to utilize Zacks.com.