Avid Bioservices (CDMO) shares jumped 19% in recent Tuesday trading as RBC Capital Markets raised its price target to $12 from $8 after the company's bookings topped the analyst's estimate.
Bookings in fiscal Q1 at $66 million beat RBC's forecast of $36 million, the company's results showed Monday. "Improving bookings momentum" spurred the higher price target, RBS said, affirming its outperform rating on the stock.
The company reiterated revenue guidance for fiscal 2025 of $160 million to $168 million, supported by growing bookings and backlog standing at $219 million, RBC said.
Price: 10.62, Change: +1.67, Percent Change: +18.66
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