Avid Bioservices Inc (CDMO) Receives a Buy from H.C. Wainwright

In a report released today, Joseph Pantginis from H.C. Wainwright maintained a Buy rating on Avid Bioservices Inc (CDMO), with a price target of $11. The company’s shares closed yesterday at $4.12.

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 America, which were based on M&A transactions of mature business.”

According to TipRanks.com, Pantginis is ranked 0 out of 5 stars with an average return of -17.1% and a 27.0% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.

Currently, the analyst consensus on Avid Bioservices Inc is a Moderate Buy with an average price target of $11.

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The company has a one-year high of $8.44 and a one-year low of $2.26. Currently, Avid Bioservices Inc has an average volume of 267K.

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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.

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