Avid Bioservices Inc (CDMO)

[Carboat]

pphm simply tells mlv or whoever at the time to sell the shares. I doubt they get any more involved than that. There is not enough volume in pphm to be of interest to hft and there is very little aftermarket sales relative to the amount of shares pphm is selling. Pre-arranged trades? with who again not enough change in institutional relative to shares sold via atm to be to them. So perhaps some pre-arranged, some mm end or day re-balancing and yes blocks in open market are likely from atm. Regardless the atm sales depress the price as the atm buyers would need to fill those shares from regular supply not the pphm printing press. Unless you believe in the secret family theory, blocks of pphm atm sales are in the open market.
The biggest problem with ATM sales though, is the moral hazard component. pphm execs have no over-site and are not accountable for terms and conditions or use of proceeds. It is like giving $100 bills to a teenager -don't be surprised if they are less than frugal with the money.