Medical World News

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In a report released today, Joseph Pantginis from H.C. Wainwright maintained a Buy rating on Avid Bioservices Inc (CDMO – Research Report), with a price target of $11. The company’s shares closed yesterday at $5.20.

Pantginis wrote: “Valuation and impediments to achieving price target. We maintain our Buy rating with a price target of $11. Our valuation is based on a discounted EBITDA model, which we believe takes into account both the established and anticipated revenue growth of Avid, which is the cornerstone of the company’s business. We assign a 23x multiple on F2023 EBIDTA discounted back at Avid’s WACC of 13%. We believe that Avid deserves a multiple premium compared to recent CDMO deals in North Avid Bioservices, Inc.”

According to TipRanks.com, Pantginis is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -18.8% and a 24.9% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Avid Bioservices Inc with a $11 average price target.

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Based on Avid Bioservices Inc’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of $1.96 million. In comparison, last year the company had a GAAP net loss of $12.62 million.

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Avid Bioservices, Inc. engages in the commercial manufacturing focused on biopharmaceutical products derived from mammalian cell culture for culture for biotechnology and pharmaceutical companies. It specializes in clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory submissions, and support.