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Avid Bioservices (CDMO) Moves 9.0% Higher: Will This Strength Last?
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Avid Bioservices (CDMO - Free Report) shares rallied 9% in the last trading session to close at $5.47. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 38.9% loss over the past four weeks.
Increasing revenues on the back of new business deals is driving the company's prospect, leading to higher share prices.
This contract manufacturer is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of -800%. Revenues are expected to be $33.55 million, down 3.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Avid Bioservices, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CDMO going forward to see if this recent jump can turn into more strength down the road.
Avid Bioservices is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Mesoblast Limited (MESO - Free Report) , finished the last trading session 4.7% lower at $1.22. MESO has returned 3.2% over the past month.
Mesoblast Limited's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of -8.3%. Mesoblast Limited currently boasts a Zacks Rank of #3 (Hold).
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Avid Bioservices (CDMO) Moves 9.0% Higher: Will This Strength Last?
Avid Bioservices (CDMO - Free Report) shares rallied 9% in the last trading session to close at $5.47. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 38.9% loss over the past four weeks.
Increasing revenues on the back of new business deals is driving the company's prospect, leading to higher share prices.
This contract manufacturer is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of -800%. Revenues are expected to be $33.55 million, down 3.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Avid Bioservices, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CDMO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Avid Bioservices is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Mesoblast Limited (MESO - Free Report) , finished the last trading session 4.7% lower at $1.22. MESO has returned 3.2% over the past month.
Mesoblast Limited's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of -8.3%. Mesoblast Limited currently boasts a Zacks Rank of #3 (Hold).