Why Avid Bioservices Stock Is Soaring Today

Shares of Avid Bioservices (NASDAQ: CDMO) were soaring 8.1% higher as of 10:50 a.m. EST on Thursday. The big jump came after the biologics contract development and manufacturing organization (CDMO) announced its fiscal 2021 second-quarter results following the market close on Wednesday.

Investors always love better-than-expected quarterly results, and that's exactly what Avid delivered.

The company reported second-quarter revenue of $21.1 million, up 15% year over year. Avid posted earnings of $800,000, or $0.01 per share; analysts expected a loss of $0.06 per share. In the prior-year period, the company recorded a loss of $0.03 per share.

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Source Fool.com