In the latest trading session, Avid Bioservices (CDMO) closed at $21.25, marking a -1.16% move from the previous day. This move lagged the S&P 500's daily gain of 0.09%. Meanwhile, the Dow lost 0.16%, and the Nasdaq, a tech-heavy index, added 0.01%.Prior to today's trading, shares of the contract manufacturer had gained 11.05% over the past month. This has outpaced the Medical sector's loss of 2.18% and the S&P 500's loss of 4.02% in that time.Avid Bioservices will be looking to display strength as it nears its next earnings release. In that report, analysts expect Avid Bioservices to post earnings of $0.05 per share. This would mark year-over-year growth of 400%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $28 million, up 28.38% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $0.28 per share and revenue of $117.1 million, which would represent changes of +366.67% and +22.15%, respectively, from the prior year.Investors might also notice recent changes to analyst estimates for Avid Bioservices. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Avid Bioservices is currently a Zacks Rank #3 (Hold).Digging into valuation, Avid Bioservices currently has a Forward P/E ratio of 76.79. For comparison, its industry has an average Forward P/E of 17.11, which means Avid Bioservices is trading at a premium to the group.The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 138, which puts it in the bottom 46% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avid Bioservices, Inc. (CDMO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research