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And we're stuck with a 7% note to pay. We better get more business because if you run the numbers
Yearly interest payments
$125 million at 1.25% = $1,562,500
$160 million at 7% = $11,200,000
Difference $9,637,500
That means we have to do about $32 million more in revenue to pay for the higher interest payment(That's if Avid does a 30% margin)
Last quarter they did 14% margin which would require a $69 million increase in revenue to pay the new interest payment
JUst my logical thoughts.
Cutting rates will make getting financing for startups much easier. With that thouyght AVID should be getting more business.
In my opinion it COULD be the MM picking up some easy shares to go with the rate cut surprise. Oh My
FFTT
JBAIN
Looks like you spoke to soon.😊
Well it looks like we have our answer...... Next bottom likely below 11 but 10.50 isn't out of the question. All my opinion of course.
FFTT
JBAIN
Today looks to be about 50-50 whether we set a new 52 week high (+3.2%) or we get pushed back down towards the $11 level. If we continue to push higher, the next stop is likely about $12.50. All in my opinion of course 😁
FFTT
JBAIN
This painting the tape I like. Doubt it holds.
09/17/2024 16:40:09 EDT I 11.93 14 NDD
Well, to be fair, the entire market pulled back towards the end of the day, so unlike some days, the stock was trading very much like the overall market today. Avid Stock price appreciation percentage still bettered the Russell 2000 ave for the day....so all in all, a pretty good positive.
Now will the share price find a way into the $12's in the coming week or two(or heaven forbid, back into the $10's or)??? I am not sure...we will see!
traaa lllaaaaa llllllllaaaaa llllalaaaa
I don't think it will unless there are significant "real" shorts that need to cover. Volume is showing this is still MM trading so I would expect they take it down again.
FFTT
JBAIN
Nice call Jbainsky....now lets see if it will hold as the volume is still on the lighter side!!!
Ummm NEW 52 week HIGH!
Hopefully this nice run up will continue and persevere through market conditions and MM Manipulation… all the best to all longs!
will today start a run of 52 week highs? We are set up that way and the flying little bear in no where to be found.
IMO it is going to be tough to move much higher until the company demonstrates that they will be able to make a profit(not just build on their backlog)by actually making a dent in their excess capacity! The current convertible financing agreement is set up much more to favour the issuer of the debt than the recipient with a low strike price($9's) and a high 7% interest rate especially in light of the fact that we are now entering a longer term time line of falling interest rates....this refi was done at the height of the interest rate cycle.
Now I have not seen the financing document, but I would hope(and believe) that management would have the option to pay off the loan before its maturity date....especially with rates falling going forward?
So if I was Daniel Hart, I would be searching to see if there is a better deal out there, as in a lower rate with a higher strike price on the convertible. The company was in an emergency type situation(although I will not and do not understand why the original loan had to be paid back immediately which is a little bizzare to say the least) and so had to make a deal that may not have been the greatest but was one they were forced to make out of necessity.
So basically cutting a deal with a sort of White knight financier to negotiate some kind of a financing vehicle that would provide enough funding to pay off the original agreement at much better terms! This would certainly make sense to me!!
Now it may be a little early, but perhaps in 12-18 months, Avid will be in a stronger position and rates will be probably be 1.5 to 2 points lower and this would really help their interest costs.
Or perhaps just have the White Knight buy us out???
Some things to ponder while we seem to be stuck in the current share price range.
FYI
My post# 346268 "This is just my opinion"
My post# 346265 " This is just my opinion of course"
My post# 346217 " I believe the problem is"
I try to state that things I post are my opinion, and your right I don't always do that, but everyone should know nothing posted on here should be taken as fact.
I guess posting that nothing posted here should be taken as fact is really my opinion, or is it?🤨
djohn
IMO It is hard to make money when typically 20-50 thousand shares at the beginning of the day dictates the price . So if you short 50,000 to get the PPS lower it mostly stays at that price . Same for up days IMO not enough volume in-between to make money all IMO Also there are more traders then just the note holder which IMO you seem to bring up as the reason for the above. You should state that your post is your opinion instead of portraying them as fact
Michael
Has anyone noticed our 52 week high is
now 11.57? We all know where we've been, but we could be on new high list soon...
Stranger things have happened!!!
Hi hay,
Convertible Arbitrage is a neutral position that makes profits on volatility. I don't think they're here to create downward pressure. They're here to create volatility and trade off of it to make money while being protected both on the downside and upside. Plus collecting the 7% dividend payment and interest on the cash received selling the borrowed stock they shorted.
"Breakout trade WATCH for possible breakout above 11.7"...
"Target: 13.18, 17.8% Stop: 10.63 Loss: 5%
P/L ratio: 3.6 : 1 - Excellent"
***************************************************
At Least According To:
https://www.stockconsultant.com/consultnow/basicplus.cgi?symbol=CDMO
Glta $CDMO Bulls, Watchers, & StockHOLDers!
Westjetter
It was Djohn that started the Debt holders doing all the shorting speculation but IMO they do not account for ALL the down pressure as he seems to think
IMO
Preciouslife
I get that when the big one hits everything on wall street will crash ! My point was if it was in orange county that may have been an issue for us short term
Michael
Hi! Seriously?? 104 miles in relation to the size of the San Andreas fault???
All of California is at risk for a BIG EARTHQUAKE NOT a 3-4.7 Magnitude Quake!!
https://www.google.com/gasearch?q=quake%20in%20California&source=sh/x/gs/m2/5
When you hear/see news about a s/Cal earthquake...go here... https://www.usgs.gov/programs/earthquake-hazards gives you a link to find it ...then a regional map option is displayed to see epicenter in relation to tustin... like this was zoom feature w/ the malibu quake ... rhttps://earthquake.usgs.gov/earthquakes/eventpage/ci40731623/map ...r
preciouslife
Just to say the two counties are 104 miles apart
Michael
That would be the final act for this team to find out that an earthquake caused excessive damage and they had overlooked adequate insurance coverage to cover their operation.
CDMO née PPHM is still hanging in there, I see.
OK...perhaps I did not understand...I was referring to the first part of your statement...not every share traded is by the debt holders...don't know where that came from, but yes the other sentence was certainly mine.....referring to whether the $11's will hold or if the convertible holders will again short this down and play the volatility game....and to add to this....others are also able to short in a thinly traded stock like Avid has been on some days.
Let' see what happens and if we can hold the $11's or even head to $12 which I did not think we would touch for several months...again hope I was wrong in that assumption!
westjetter ???
Yes you did or Did someone else write it using your name ?? Last sentence
So yes it was a setback and now is somewhat of a millstone, but it is one they can shed and shareholders can still profit greatly if Avid fully gets their sh-- together. The share price seems to be responding nicely and coming back to their highs of several weeks ago, so I guess we all hang in there and see if the new price in the $11's will hold or if the convertible holders will again short this down and play the volatility game??
Michael
Any concern about the Malibu earthquake?
Think of it this way... there is always "normal" trading going on where shares are traded between "real" shareholders, both retail and institutional. At the same time, especially when there is low volume trading, the MM is also trading with themselves, moving shares between long and short positions making money as they move the PPS around (it's their job). Then add in the arbitrage holder, (again could be a MM or in close relationship with one) who wants to move the PPS around and is covered by the convertible. End result is 1M+ shares "traded" but only a fraction of that is the "real" trades. Thus there is changes in the short positions and not much in the institutional holdings. Also why you can have over 100% institutional holding.
The game only ends when there is increased interest in the company and there is significantly more "real" trading. It is reduced when the convertible is gone, but the MM is still moving the PPS.
FFTT
JBAIN
I never made this statement, and I have no real idea who is trading what, but yes the convertible holders(or any other shareholders for that matter) do have an influence on the share price and yes when we are traded thinly, they can manipulate things up, or down! IMO
IMO
Since Sept 9 Monday was a down day any holders that sold or bought on margin have until close today to cover IMO
Michael
westjetter
Is this statement your opinion or fact ? Not every share traded is by the debt holders !
if the convertible holders will again short this down and play the volatility game??
Michael
Once again going up nicely....but on low volume...seems like we are being played here....a huge uptick on large volume would be much more of a confirmation that things are back on track!!
OK, getting a bit more volume....lets see if the gains hold!
Yes very interesting.....however, it is also interesting to note that generally funds that operate mainly in this space rarely outperform the overall market....so my point is, that in this case, they may win shorting and profiting from the volatility, but not always and not necessarily. Clearly Avid got into this secondary convertible deal because their back was against the wall and they had to take what they could get. I do not understand why they could not have just stood firm and negotiated their way out of the original 1.25% convertible? To have to pay this back immediately and renegotiate a new deal in what appears now to be the top of the interest rate cycle is difficult for me to understand?
Now in the end, as we all know, if the company really begins to execute their business plan and fill up their capacity profitably, this will merely be a shorter term drag on market cap and financials until the convertible loan is repaid. But yes it is important to note that the dilution factor will be in the 10% to 15% range(when and if they convert) even long term as pointed out previously.
So yes it was a setback and now is somewhat of a millstone, but it is one they can shed and shareholders can still profit greatly if Avid fully gets their sh-- together. The share price seems to be responding nicely and coming back to their highs of several weeks ago, so I guess we all hang in there and see if the new price in the $11's will hold or if the convertible holders will again short this down and play the volatility game??
We will see.
BINGO - AND if the entity is or has a relationship with a MM and the stock is thinly traded it is easy peasy!
FFTT
JBAIN
Good article for understanding what's going on with CDMO
https://mergersandinquisitions.com/convertible-arbitrage/
Convertible Arbitrage Hedge Funds: The Perfect Combination of Investment Banking and Sales & Trading?
For example, if you long a company’s convertible bond and short the underlying stock, and you manage the positions properly, the stock’s volatility – not its absolute price – determines whether or not you make money.
The Top Convertible Arbitrage Funds
All the large hedge funds use convertible arbitrage, so you’ll see it at firms such as AQR, Bridgewater, Citadel, Davidson Kempner, Millennium, Point72, and Two Sigma
Major Avid stock holder OR convertible buyers then SHORT SELLERS???
I hit the wrong button, sent the incomplete message and it’s bedtime here anyway. I hope you can access the 3-page article from the on-line link above or the 9/10/2024 print edition. Worth reading, IMO, for an introduction to new markets, new blood tests, fast developing commercial technology that augurs well for both CDMO and HALO.
I’m wondering now whether the above blood tests that “replace” more invasive tests, as discussed in JAMA, relate in any way to the delays in reporting follow-up results from the veterans and other patients in the completed U. Wisconsin BRAVE trial where analysis is ongoing or continuing. Did I read end of September?
There were a record-breaking 8500 in-person attendees at 2024 AAIC in Philadelphia.
doi:10.1001/jama.2024.13816
A Blood Test for Alzheimer Disease, Repurposing GLP-1s, and Wildfire Smoke—Highlights From the AAIC
After learning that Avid Bioservices is not really the same as, or parent of, or related to Avid Radiopharmaceuticals (LLY), the above article provided this reader with news from the recent AAIC session in Philadelphia. Significant observations here for both HALO and CDMO, IMO:
Anent the above title:…”10 years ago, there was no thought that it would be possible to actually diagnose this brain disease in blood taken from your arm.” That blood “contains plasma biomarkers, specifically phosphorylation tau
…”we’ve seen novel antiamyloid treatments with an easier mode of administration, injected subcutaneously instead of having to be infused, as is required with [commercial, FDA-approved] donanemab [Kisunla] and lecanemab[Leqembi]….
But also very important are the other Alzheimer’s disease targets, like anti-tau and anti-inflammatory treatments and synaptic repair
(9/11
Tough memories going back many years.
Yup...certainly still worried, but at least they appear to be making some progress here.....I was hoping for at least in the $175 to $200 mil range?......all we can hope for is that Nick is underpromising and that he will over deliver??
It would have been nice if retail stock holders could have lobbed a few questions Nick's way....as in why the hell is it taking so long to fill capacity? And what about the comment that Avid would only expand if they had customers for their increased production capacity? And, and.....And, many more!!!!! A lot of questions which will probably not get answered any time soon, if ever!!
At least the share price has recovered somewhat. Still looking for $12 by Christmas....but the best gift of all would be a buyout.
It's nice to see they are selling more but isn't anyone worried that your revenue guidance for FY2025 is $160-168 million? That means in FY2025 we are only utilizing 42% of our assets? With current expenses this means around a $20 million loss for FY2025. No profits until April 2025??
We did $149 million in FY2023 two years ago, I don't think FY2025 revenue guidance is anything to be happy about.
...very good point Bfiest. Additionally...when you can reference wins like that it makes the sales process easier too!
IMO the most influential piece of information that came out of this call was the fact that another big pharmaceutical company has signed on. These big pharmaceutical companies do detailed due diligence and make decisions based on capability, regulatory track record, future direction and long term viability. It is a huge vote of confidence to have another large pharma contract with Avid and the investing community knows it. It is a very sticky business and no company, especially a large highly successful company, wants to sign on with a cdmo that has any chance of potential failure short or long term. It is very difficult for drug companies
to have to change course and start all over with another CDMO. It’s a very strong vote of confidence for the future of Avid and the investing community sees it. They still have a long way to go but it is a viable start.
Well while I was hoping for more on the revenue and profit side, what was encouraging was their increased backlog and what appears to be a surge of orders coming from new customers in the next couple of years!!!!
Wall Street loves a growth story and when you have the capacity and are finally starting to gain some momentum on the growth side(as in backlog), buyers want in and so we are getting a nice bump right now.
My concern continues to be the balance sheet as in the high interest 7% loan that is eating into profits or rather increasing their losses, but it seems that they may finally be turning the corner here on becoming a strong growth and profit oriented CDMO!
So unless there is another stumble or a Black Swan event, I think we have a good shot at $12 plus by Christmas especially if they continue to show growth in the coming quarter.
For today I am happy for the price action and the volume which is very encouraging...I am holding but not buying, but definitely have more optimism than earlier this week...as always...fingers crossed!!!
RBC issued outperform with$12 target was previously $8
Now comes the afternoon walk-down. Reality is CDMO is thinly traded with the MM doing most of the trading.
FFTT
JBAIN
Wow, good move up. Missed it this time, we’l watch for awhile on it. Gl
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Moderators Preciouslife1 4OurRetirement |
Avid Bioservices, Inc. (Nasdaq “CDMO”), Tustin CA. http://www.avidbio.com
President/CEO: Nicholas Green (eff. 7-30-20 https://tinyurl.com/yczapcc7 )
Four Avid Fact Sheets a/o 2-2020: https://avidbio.com/resources/fact-sheets/
Avid Bioservices is a CDMO committed to improving the lives of patients by manufacturing products derived from mammalian cell culture for the biotechnology & biopharmaceutical industries. Services include cGMP clinical & commercial product manufacturing, purification, bulk packaging, stability testing & regulatory strategy, submission, and support. The company also provides a variety of process development activities, including cell line development & optimization, cell culture & feed optimization, analytical methods development, and product characterization.
12-2019/Video: Tour of Myford Facility (2mins.): https://vimeo.com/380135562
7-2020: AVID’s Push Towards cv19 (I don’t capitalize things I hate) contracts: https://tinyurl.com/y8wzgneh
UPCOMING EVENTS: https://avidbio.com/events/
Sep1(Tue): Q1/FY21 (qe 7-31-20) Financials & Conf. Call - Transcript: https://tinyurl.com/y329llow
Sep17/Fireside Chat w/Nick Green: 18th Annual Morgan Stanley Global Healthcare Conf.: https://tinyurl.com/y4cbjjrc
Sep21-24/Virtual: Biotech Week Conf., Boston
Sep21-24/Virtual: BioProcess Intl. US Wes Conf., Santa Clara CA
...Time TBD: Presentation by Haiou Yang, PhD "Facility-Fit Driven Dev. for a mAb Production Process"
Oct20 10amPT/VIRTUAL: Annual Shareholders Mtg. https://tinyurl.com/y28blkjn 14A Proxy: https://tinyurl.com/y46ga9el
...ASM Replay (9:45): https://www.virtualshareholdermeeting.com/CDMO2020 (Control# not needed)
Apr20-22 2021/Booth#1159: INTERPHEX, NYC
Dec2(Wed) after mkt: Q2/FY21 (qe 10-31-20) Financials & Conf. Call - Transcript: https://tinyurl.com/y66xk888
Dec14-17: Antibody Engineering & Therapeutics Conf., San Diego
Quotes: Yahoo: Yahoo.com/CDMO Nasdaq: http://www.nasdaq.com/symbol/cdmo RT: http://www.nasdaq.com/symbol/cdmo/real-time
• IR: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com, Tim Brons (Media) 415-675-7402 tbrons@vidasp.com
SEC:
Latest 10Q 10-31-20 iss. 12-2-20 https://tinyurl.com/y3ournzr (Cash 10-31-20=$35.7mm)
Latest 10K 4-30-20 iss. 6-30-20 https://tinyurl.com/yak25nco (Cash 4-30-20=$36.3mm)
Latest DEF14A/Proxy iss. 8-27-20 (re: 10-20-20 ASM): https://tinyurl.com/y46ga9el
ALL SEC filings for CDMO: https://tinyurl.com/yc4zjyzv
CDMO's Corp. Bylaws (a/o 11-14-14): http://tinyurl.com/y8hsppea
Poison Pill adopted 3-16-06 for 10yrs: http://tinyurl.com/yvypvh 44-pg SEC filing: http://tinyurl.com/5m57ut BUNGLER explains in plain language: http://tinyurl.com/mft4nd6
...3-17-16 Poison Pill extended until 3-16-2021 https://tinyurl.com/y74glo2n (Form8A Amendment #1)
...Poison Pill TERMINATED eff. 9-23-2019 https://tinyurl.com/y2mzx3xo
SHARES:
Shares O/S as of 11-23-20=56,726,334 - history since 4-2006: https://tinyurl.com/y66xk888 (at bottom)
...A/O 10-31-20: 3,451,000 stock options outstanding at a wgt.avg. exercise price of $6.41 (pg.16 10Q).
...MarketWatch.com for CDMO (shows Float): https://www.marketwatch.com/investing/stock/cdmo
1-12-18: S-3 Shelf Registration filed for up to $125mm https://tinyurl.com/y9qtewpw
...12-14-20: Avid raises ~$34M gross, selling 3,833,335@9.00/sh. (underwriter: RBC Capital) https://tinyurl.com/y92yr9g4
...2-20-18: Avid Raises ~$21.8M net, selling 10,294,445@$2.25 (underwriter: Wells Fargo) 8-K: https://tinyurl.com/ya3nenth 424B5: https://tinyurl.com/ycpshgxl
Total INST.+LARGE Holdings now 41,617,965 73.5% a/o 9-30-20 https://tinyurl.com/y652nxpr
13 LARGEST SHAREHOLDERS a/o 9-30-20:
1. Eastern Capital (Kenneth Dart): 4,300,992 7.6% (a/o 8-21-19 14A/Proxy: https://tinyurl.com/y9c972fa – orig. 13G filed 11-2015)
2. Tappan Street (Prasad Phatak): 4,285,000 7.6% (a/o 12-31-19 13G: https://tinyurl.com/wlcwnnv )
3. Blackrock Inc. (Larry Fink): 3,834,816 6.8% (-111,172 a/o 9-30-20 Nasdaq Inst.)
4. IsZo Capital Mgt. (Brian Sheehy): 3,459,888 6.1% (-88,144 a/o 9-30-20 Nasdaq Inst.)
5. Millennium Mgt. 2,678,984 4.7% (+633,918 a/o 9-30-20 Nasdaq Inst.)
6. Vanguard Group 2,659,738 4.7% (-19,553 q/e 9-30-20 Nasdaq Inst.)
7. Snyder Capital 2,302,621 4.1% (-2,258 a/o 9-30-20 Nasdaq Inst.)
8. Altravue Capital 1,973,349 3.5% (+39,534 a/o 9-30-20 Nasdaq Inst.)
9. Wellington Mgt. 1,503,162 2.7% (+236,947 a/o 9-30-20 Nasdaq Inst.)
10. Sargent Invest. Grp. 1,052,099 1.9% (-11,000 a/o 9-30-20 Nasdaq Inst.)
11. State Street 992,280 1.8% (-65,922 a/o 9-30-20 Nasdaq Inst.)
12. Portolan Capital 963,374 1.7% (+528,662 a/o 9-30-20 Nasdaq Inst.)
13. Silvercrest Asset Mgt. 878,805 1.6% (-16,746 a/o 9-30-20 Nasdaq Inst.)
Inst. Holdings (Nasdaq) - updated 45-days after each qtr-end: http://www.nasdaq.com/symbol/cdmo/institutional-holdings
INSIDER-Trans: https://tinyurl.com/ycpw4j9z (formerly PPHM thru 2017: http://tinyurl.com/ypkow8 )
Short Interest, updated twice a month: https://www.nasdaq.com/symbol/cdmo/short-interest
A-T-M (At-The-Market) Sales 3/2009 - 7/14/17 ($272,500,000gr./34,869,747sh=$7.81/sh): http://tinyurl.com/yagmu2on
PPHM shares were 1:7 Reverse Split eff. 7-10-17 (315mm/$.606=>45mm/$4.24) http://tinyurl.com/yymtzcm9
PPHM shares were 1:5 Reverse Split eff. 10-19-09 (~237mm/$.64=>~47.4mm/$3.20) http://tinyurl.com/ykuw588
Potential Value: 9-19-2017: Catalent acquires CDMO Cook Pharmica for $950M ($179Msales x 5.3; EV/EBITDA=17.3) http://tinyurl.com/yd46m8py
AVID TEAM: https://avidbio.com/leadership/ - Open Jobs: https://avidbio.applicantpro.com/jobs
7-30-20: Nicholas Green (ex-Therapure Biopharma) becomes President/CEO of Avid - 6-25-20 PR: https://tinyurl.com/yczapcc7
4-13-20: Avid Hires 2 Senior Directors of Bus. Dev: Jason C. Brady & Sylvia Hinds https://tinyurl.com/sq2679g
1-8-20: Avid Appoints Timothy Compton as Chief Commercial Officer (repl. Tracy Kinjerski) https://tinyurl.com/ydww58sn
7-26-19: Catherine Mackey, PhD (ex Pfizer VP) joins Avid's BOD, replacing Joel McComb https://tinyurl.com/y3xhqmvm
5-8-19: Richard (Rick) B. Hancock named Interim President/CEO; Roger Lias resigns https://tinyurl.com/y4pqdwyc
7-16-18: Daniel Hart (ex-ENO Holdings) joins Avid as CFO https://tinyurl.com/ychz45p2
7-16-18: Michael Faughnan (ex-Lonza/WuXi Biologics) joins Avid as Sr.Dir./BusDev/WestC https://tinyurl.com/yaozdggz (Left 5-2019)
5-29-18: Sandra C. Carbonneau (ex-Lonza) joins Avid as Dir./BusDev./EastCoast https://tinyurl.com/ybvrwn2l (left 12-2019)
5-8-18: Magnus Schroeder (ex-AGC Biologics) joins Avid as VP/Process Sciences https://tinyurl.com/y7tpswaw
2-23-18: CFO Paul Lytle voluntarily resigns eff. 5-24-18 (2-23-18 +90days), "CFO search underway" https://tinyurl.com/ybnjzbv6
9-11-17: Roger J. Lias (ex-Allergan) to become Avid’s CEO and join PPHM’s BOD eff. 9-25-17 https://tinyurl.com/yddufw4s (left 5-8-19)
11-29-17: Tracy L. Kinjerski joins Avid as VP/Bus.Operations https://tinyurl.com/yc4zenkc (Left 1-8-2020)
Profiles of all 7 BOD members: http://ir.avidbio.com/corporate-governance/board-of-directors
...Joseph Carleone/Chair, Nicholas Green(CEO), Richard Hancock, Gregory Sargen, Mark Bamforth, Patrick Walsh, Catherine Mackey
10-24-17: Peregrine Adds Patrick D. Walsh to BOD, "An Industry Veteran with 30+yrs Experience Leading Successful CDMO Org’s” http://tinyurl.com/y3jo2rv7
10-19-17: Peregrine Adds Mark R. Bamforth to BOD, "10yrs/Genzyme; 30yrs of biologics leadership experience, incl. founding 2 CDMOs" http://tinyurl.com/y6ydcaof
ANALYST COVERAGE: http://ir.avidbio.com/analyst-coverage
Also see: https://www.marketbeat.com/stocks/NASDAQ/CDMO/price-target
Janney Montgomery Scott - Paul Knight PT=$10
H.C. Wainwright & Co. - Joseph Pantginis PT=$9
Craig-Hallum Capital Group - Matt G. Hewitt PT=$10
First Analysis Securities - Joseph Munda PT=$7.50
Stephens Inc. - Jacob Johnson PT=11 (10=>11 9-2-20)
FINANCIALS & BUSINESS DEV.:
2-3-21: Avid to Mfg. CV19 Therapeutic Lenzilumab for Humanigen https://tinyurl.com/1hzzksxa
8-26-20: Mapp Biopharmaceutical signs w/Avid for ClinDev of Antiviral Antibody (MBP091) https://tinyurl.com/yxwvr949 BARDA #HHSO100201900018C($16.5M+Opt/$30M), see: https://tinyurl.com/yye8t5nx
8-20-20: Oragenics signs Dev/Mfg Agreement with Avid for COVID-19 Vaccine “TerraCoV2” https://tinyurl.com/yxqg3w4v
8-6-20: Iovance Biotherapeutics signs w/Avid(+Aragen) to Dev+Mfg. IOV-3001 (IL-2 Analog) https://tinyurl.com/y2lgzh6x
7-28-20: Avid Teams with Argonaut to add “Parenteral Fill-Finish Services” https://tinyurl.com/y2lgzh6x
5-6-20: Avid Teams with Aragen to speed up drug dev./delivery timelines https://tinyurl.com/ycuu2m5r
4-23-20: Avid receives $4.4M PPP/CV19 Loan (can apply for forgiveness) 8K: https://tinyurl.com/yaltupxa
...5-12-20: Avid Pays Back $4.4M PPP/CV19 Loan (“New SBA Guidance/abundance of caution”) 8K: https://tinyurl.com/y993tkk6
3-10-20: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY20/Q3 (q/e 1-31-20): https://tinyurl.com/s9cmzmf
......Avid FY20 (fye 4-30-20) revenues guidance: $55-59M; committed backlog=$58mm at 1-31-2020.
7-8-19: Avid Signs New Top10 Global Pharma and Expands Existing Cust. Relationship https://tinyurl.com/yyq8zgb9
6-27-19: "The 5 new clients signed in late FY2018 contributed significantly to revenue diversification in FY2019." SEE CUST SPLITS for FY19: http://tinyurl.com/y5j4dlsv
4-24-18: ”In recent weeks, Avid has signed new agreements with 3 addl. undisclosed intl. drug dev. companies (that’s 4 thus far in CY2018)” https://tinyurl.com/y89whc8d
3-1-18: Acumen Pharm. selects Avid for Process Dev. & Mfg. of ACU193 (Alzheimer’s) https://tinyurl.com/y8jvwleq http://www.acumenpharm.com
2-21-18: Enzyvant selects Avid to commercially mfg. RVT-801 (Farber disease) https://tinyurl.com/yd5xhcx8 http://www.enzyvant.com
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones https://tinyurl.com/yam8gb3h
...NOTE: 2-13-18: Oncologie Licenses Mologen’s immunotherapeutic ‘lefitolimod’ (TLR9 agonist) https://tinyurl.com/y9z54f4x “ONCOLOGIE is backed by top-tier intl. investors and has the objective to dev. novel personalized medicines in the field of immuno-oncology."
2-28-17: Avid & Cook (acq. by Catalent 12-2017 for $950M; $179Msales x 5.3; EV/EBITDA=17.3) remain Halozyme's 2 CMO's (“working to scale-up/validate/qualify Avid II/Myford for Roche collab.”): http://tinyurl.com/h75teta
FACILITIES: https://avidbio.com/facilities/
10-8-19: Avid Announces Completion of Expansion of Process Dev. Capabilities & Labs https://tinyurl.com/y3hfwst9
...will “significantly accelerate Avid’s ability to drive efficient & rapid on-boarding of new cust. pgms progressing to mfg.”
4-24-18: Avid adding Process Dev. Labs, upgrading capabilities (in phases; total will be >6000sq; 1st one ready Q3CY18/Jul-Sep'18) https://tinyurl.com/y89whc8d
5-2017: Avid II (Myford) adds 2 MilliporeSigma Mobius 2,000L single-use bioreactors; total mfg. capacity now ">11,000L". http://tinyurl.com/ky7bmu4
5-10-17: Halozyme comments on Avid II(Myford) expansion in their 3-31-17/10Q pub. 5-9-17: http://tinyurl.com/mrl34uk
..."validation of the new facility is scheduled to end in Q2/2017… Once this new facility is approved, it will become the primary source for Roche of bulk rHuPH20.”
6-2-16: Corp.Update – Avid Expansion & Drug Development - http://tinyurl.com/zvmhqmr
3-7-16/Avid II: Formal Commissioning of Avid's New 40,000sq "Myford" Facility, “single-use/fully disposable” (potentially $40M addl revs) http://tinyurl.com/y5jmfpo3
12-10-15/Avid II: Avid Expansion into MYFORD Facility now GMP-run ready (potential +$40mm sales) - contemplating further expansion http://tinyurl.com/y539yut4
12-10-14: Avid to Double Mfg. Capacity(“Myford Expansion”) http://tinyurl.com/y2sqoy2u & http://tinyurl.com/kmdgq8t
PRESENTATIONS & ARTICLES: https://avidbio.com/events/
Sep17/Fireside Chat w/Nick Green: 18th Annual Morgan Stanley Global Healthcare Conf.: https://tinyurl.com/y4cbjjrc
5-18-20: Avid Listed In Top CMO Awards Article https://tinyurl.com/yb5cnh6m
...”Avid received 5 CMO Leadership Awards categories, incl. 2 Champion designations: Expertise & Service.”
10-25-18/BioPharma: Roger Lias Interview, “Avid expansion to Triple Process Dev. Capacity” https://tinyurl.com/ybtuk29m
Sept2018/BioTechWEEK: Tracy Kinjerski (VP/BusOP) interview: Avid’s differentiators (6mins.) https://www.youtube.com/watch?v=x3tzo4pZivk
1-29-18: NobleCon14 - 14th Annual Inv. Conf., Ft.Laud. => Roger Lias' webcast/slideshow https://tinyurl.com/yanwk9yo
11-15-17/Outsourcing-Pharma: “How This R&D Company (Peregrine) is Transitioning to a Pure-Play CDMO: ‘Opportunities Are Almost Endless’" - Recap of interviews with Steve King & Avid Pres. Roger Lias http://tinyurl.com/y7dv9faz
CONFERENCE CALLS & ASM's:
12-2-20: Qtly. Conf. Call (Green/Hart/Compton) PR & Transcript https://tinyurl.com/y66xk888
10-20-20 Annual Shareholders Meeting - Replay (9:45): https://www.virtualshareholdermeeting.com/CDMO2020 (Control# not needed)
9-1-20: Qtly. Conf. Call (Green/Hart/Compton) PR & Transcript https://tinyurl.com/y329llow
...CEO N.Green: ”My first few weeks have done nothing but confirm my view that I believe Avid to be a strong and state-of-the-art company with significant opportunity for growth."
6-30-20: Qtly. Conf. Call (Hancock/Hart/Compton) PR & Transcript https://tinyurl.com/y9zbgmos
...RickH: "Based on our customers' growing demand and our expanding business development activity, we believe that we will significantly increase capacity utilization in 2021 and beyond. Accordingly, we have entered into a new phase of planning for the expansion that will support our growing business in the years to come.”
...”Top10 Pharma customer added 7-2019 named in 10-K: GILEAD SCIENCES.”
3-10-20: Qtly. Conf. Call (Hancock/Hart/Compton) PR & Transcript https://tinyurl.com/s9cmzmf
12-9-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/tfewuzc
9-5-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/y6t8zfur
6-27-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/y6zdjyu2
...Rick Hancock, "Most importantly, during Q4, the Company achieved positive income, generating cash from dev. & mfg. operations for the 1st time since the beginning of the CDMO transition (Jan'18)."
3-11-19: Qtly. Conf. Call (Lias/Hart) PR & Transcript http://tinyurl.com/yy6dvjvc
12-3-18: Qtly. Conf. Call (Lias/Hart//Kinjerski) PR & Transcript https://tinyurl.com/y9n374kp
10-4-18: ASM/2018 (@Myford Facility) - Roger Lias’ Slideshow & Attendee Report https://tinyurl.com/yctfzhlb
9-10-18: Qtly. Conf. Call (Lias/Hart) PR & Transcript https://tinyurl.com/y8oc6hx8
...Roger Lias, "During the qtr, we advanced the projects of our existing active clients and continue to engage with numerous potential new customers."
7-16-18: Qtly. Conf. Call (Lias/Kinjerski) PR & Transcript https://tinyurl.com/yaozdggz
...Roger Lias, “In a short period, we’ve established a targeted business dev. operation that is actively providing visibility for Avid Bioservices within our fast growing but competitive marketplace.”
3-12-18: Qtly. Conf. Call (Lias/Kinjerski/Lytle) PR & Transcript https://tinyurl.com/yakdl4wj
...Roger Lias, ”I'm pleased to be able to report that in a very short period of time we've generated significant interest from both emerging & growth biopharmaceutical players and from pharmaceutical multinationals. I'm confident that the plan we're executing will drive a considerable increase in backlog and the opportunity to further enhance capacity utilization in the future.”
......From the 3-12-18 PR: “At present, we are in late-stage negotiations with several potential new customers and expect to announce the executed agreements before the end of the FY[4-30-18].”
1-18-18: ASM/2017 (@Myford Facility) - Roger Lias’ Slideshow & Attendee Reports https://tinyurl.com/yca6enbr 12-7-17 PROXY/14A: https://tinyurl.com/y7qprpg9
12-11-17: Qtly. Conf. Call (Lias/Lytle) Transcript https://tinyurl.com/ybycb2s6
...Roger Lias, "the company is undergoing a broad-scale transformation, the goals of which are to shift complete focus to the Avid Bioservices CDMO business and the complete divestiture of all of Peregrine's legacy R&D assets, which include bavituximab."
9-11-17: Qtly. Conf. Call (King/Lias/Lytle) Transcript http://tinyurl.com/y9y8qdac
...Steve King: “For this reason, we have concluded that in order to best position Peregrine’s R&D assets for successful development, they should be advanced by a partner with the appropriate expertise and ample resources to invest in the necessary clinical trials. To that end, we have been working diligently towards the transformation of the overall business to becoming a pure-play CDMO, while assessing the best strategic options for the R&D assets that would allow stockholders to directly see the future value from their continued developments. By partnering & eliminating future R&D expenditures, we believe we are best positioning Avid for future growth. Through reinvestment & expansion, we believe we will attract new customers and extend current contracts that will help position Avid as a leading U.S. CDMO. We are moving forward expeditiously with strategic discussions as we recognize the need to move quickly both from the R&D & CDMO standpoints. We hope to bring this process to completion over the coming months and will update you on our progress.”
7-14-17: Qtly. Conf. Call (King/Shan/Lytle) Transcript http://tinyurl.com/yb4wulvu
...Steve King: “We are seriously considering the possibility of separating our 2 distinct businesses, Avid and R&D/PS-Targeting.”
3-13-17: Qtly. Conf. Call (King/Shan/Worsley/Lytle) Transcript http://tinyurl.com/grhwjvy
...Steve King: “We believe the recent improvement of stock price is a growing recognition of the value of Avid, and having the full value of the Avid business reflected in our stock price is a top priority.”
12-12-16: Qtly. Conf. Call (King/Shan/Hutchins/Lytle) Transcript http://tinyurl.com/hhn4gga
...Steve King: “Our goal is to bring the overall company to profitability within the next 18mos. We believe just the value of Avid Bioservices is far greater than our current market cap and is only growing in value."
10-13-16 ASM/2016: ATTENDEE Reports & Link to CEO Steve King's 35min/45slide webcast: http://tinyurl.com/jx7ouay
Feb. 2018: Peregrine Pharmaceuticals completed its Mid’17-Early’18 Transition to a Pure-Play CDMO
(Contract Development & Manufacturing Organization), Avid Bioservices, Inc. - CEO: Roger Lias.
**FULL PPHM=>CDMO Transition History (Ronin/SWIM): https://tinyurl.com/ybqvzwhg
1-8-17: Peregrine chgs. name to “Avid Bioservices, Inc.”; new ticker: “CDMO” (+CDMOP) https://tinyurl.com/y8vhjow4
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones https://tinyurl.com/yam8gb3h
...12-13-18/8-K: Overview of Oncologie sale: https://tinyurl.com/yab9c6cr
NOTE: “PS-targeting Exosome tech. not included; back to UTSW", see: https://tinyurl.com/yakdl4wj
Click here for an ARCHIVE of the History of Peregrine’s Anti-PS/Bavituximab Platform - MOA, Trials, and Activity over the years, from early 2000’s thru 2017, prior to being Sold to ONCOLOGIE:
https://tinyurl.com/y8pq4rhc
Of Interest (post Oncologie Sale):
Oncologie's website: https://oncologie.com/true-home-v2/ NEWS: https://oncologie.com/newsroom/
4-20-18/AACR’18: MSKCC(LudwigCC) Tweets about 2 WolchokLAB/”PPHM” Anti-PS Posters https://tinyurl.com/ycgjhvqa
4-26-18: New Bavi+Keytruda/LIVER Ph2 IST Trial, Sponsor=UTSW, Collab=MERCK https://tinyurl.com/y7fd9vdb
6-7-18: Oncologie Obtains $16.5M Seed Funding Led by Pivotal bioVenture Partners China Fund https://tinyurl.com/ybrrbgg7
6-7-18/BioCentury: Laura Benjamin states, “Oncologie plans to begin a trial mid-summer '18 evaluating Bavi to treat HCC and a P-O-C trial in Gastric cancer in 1Q19/2Q19.” https://tinyurl.com/ycb8r7sm
12-3-18: During q/e 10-31-18, Avid sold remaining legacy R&D asset, r84(anti-VEGF), to Oncologie for $1.0M upfront. Avid is eligible to receive up to an addl. $21M in dev/reg./comm. milestones, and low to mid-single digit royalties on net sales upon commercialization of products utilizing r84 https://tinyurl.com/y9n374kp
11-4-19/PharmaBoardroom: Interview with Oncologie CEO Laura Benjamin discussing the 2 ongoing Bavi Trials w/Keytruda (USA UK Taiwan S.Korea) https://tinyurl.com/ydf6zhsv
...Dr. Benjamin, "We have high expectations of bavituximab and have obtained the global rights for this compound."
...Ongoing Trial #1 (N=80): Open Label, Bavi+Keytruda Adv. Gastric/GEJ Cancer https://clinicaltrials.gov/ct2/show/NCT04099641
......1-17-2020 ASCO/GI Poster: https://oncologie.com/wp-content/uploads/2020/01/2020-01-17-ASGO-GI-poster-final-draft.pdf
...Ongoing Trial #2 (N=34 UTSW): Open Label, Bavi+Keytruda Adv. Hepatocellular Carcinoma https://clinicaltrials.gov/ct2/show/NCT03519997
6-11-20/Fiercebiotech: Oncologie Reels In $80M To Push Clinical Pgms/Build Pipeline https://tinyurl.com/yany8f34 & https://tinyurl.com/y8p9artk
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