Avid Bioservices price target raised to $12 from $8 at RBC Capital

RBC Capital raised the firm’s price target on Avid Bioservices to $12 from $8 and keeps an Outperform rating on the shares. The company’s Q1 results missed on revenue and EBITDA, but its bookings were “well ahead of estimates”, with “broad-based” contributions coming from a combination of new customers, early and late-stage work and even a commercial mandate, the analyst tells investors in a research note. The management also said the increased mix of early work this quarter should slightly accelerate the near-term burn rates, which improves visibility on the management’s reaffirmed $160M-168M FY25 revenue guidance, RBC added.