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Fairly big jump in short interest.
CDMO Short Interest
SETTLEMENT DATE SHORT INTEREST AVG. DAILY SHARE VOLUME DAYS TO COVER
04/29/2022 6,140,786 598,982 10.252038
04/14/2022 5,372,582 537,012 10.004585
03/31/2022 5,187,666 536,756 9.66485
03/15/2022 5,459,629 590,291 9.249047
02/28/2022 5,825,799 526,026 11.075116
02/15/2022 6,025,704 582,399 10.34635
01/31/2022 5,902,381 698,778 8.446718
01/14/2022 5,487,777 624,520 8.787192
Talk About ShakingTheTree! Blackrock Now Owns 25,677,937 Shares?...
Obviously Blackrock Didn't Buy Those Overnite!
Probably Bought The Whole Way Down From $22
And I Wouldn't Be Surprised If They Were Responsible For Manipulating PPS Down To Trigger Stoploss Selling, So They Could Buy!
Glta $CDMO Bulls, Watchers, & StockHOLDERS!
This is really getting strange. 119.44% last night, now 145.23%
Outstanding shares (source: Capital IQ)
Institutional Shares (Long) 89,672,183 - 145.23% (ex 13D/G)
https://fintel.io/so/us/cdmo
Looks like it was Blackrock
2022-05-12 13F BlackRock Inc. 25,677,937 165.55 523,061 85.37
From NASDAQ ( which is slower reporting than Fintel.io )SHOWS BLACKROCK
OWNER NAME
DATE
SHARES HELD
CHANGE (SHARES)
CHANGE (%)
VALUE (IN 1,000S)
BLACKROCK INC. 03/31/2022 9,681,513 11,735 0.121%
short covering rally in a lot of bio's today
Are you kidding? In this market, some institutions are happy to liquidate a losing position only losing a third or half. If someone offered $20-22 right now I think it would go. IMO
unless of course, the suitor is the one accumulating the shares..... ala Elon.
FFTT
JBAIN
I tried...!
Placé le12 mai 2022 14:01PrixLimite
Prix limite11,69
Expiration12 mai 2022
TransactionAchat
Quantité10000
CDMO-U
AVID BIOSERVICES INC
djohn, if there is a suitor then this suitor must know that the majority of the institutional payed above 25$ per share and many up to 34$.
So, any offer that needs the vote of those II's will have to be seriously above those numbers or the IIs may find themselves as bag-holders and hence prefer CDMO to continue as they are really doing good.
AIMO
3 large trades
05/12/2022 14:03:49 EDT V 11.69 373743
05/12/2022 13:53:43 EDT V 11.69 373743
05/12/2022 13:52:57 EDT V 11.69 373743
V= Volume adjustment (price field zero filled
Closing daily short position?
What about for the last month there has been a trade almost every day at 3:55pm for 150 to 300,000. Remember the day 600,000 were traded AH about a minute after the market closed? All really strange stuff.
What happens today at 3:55pm ?
Yes, very strange...is this just institutional trading from one hand to another in the same portfolio.....or?????
there was a very big lot traded earlier...
Look at the volume. Is our suitor going to make itself known?
I got more at 12.0172, and Iike to buy and sell significant position - 10-20,000 shares - but must admit that it has been difficult recently. Easier 1,000-3,000.
Meaning?
Yes, that is a good point....I myself have questioned the accuracy of the Institutional numbers.
In any event, the institutional support appears to be staying strong and yes that is one of the reasons to stay in this stock....the other reasons have been shared by many of our regular posters.
Bottom line is that the market is in disarray(traders are afraid) and basically a disaster waiting to find a bottom. We are just one of many/most stocks that have been sold off into nosebleed territory.
However, I still believe that we are going to have a recovery once the market begins to look at the debris and starts picking through some of the castaways looking for those that really do still have value.
My belief, is that if you are looking for long term investment returns, now might be a very good time to buy....now do you try and buy while the stock is still falling, or do you wait until the stock begins to rise again???
Pick your poison...tough to hit the buy button, but usually that is when you get your greatest returns...I will begin to start nibbling...it may not be the bottom, but I think we are close enough to start making some trades!!! IMO of course!
jbainseky, I think we have discussed the 'data is faulty' option in the past.
The near 120% could be discussed when nasdaq still reported 84% IIs. But now Nasdaq reports near 100% IIs AND all of us on here are not IIs, neither are the employees and some day/week/etc traders who also have shares.
So there can be no doubt about the fact that at least the II% is what is reported because otherwise Nasdaq could NEVER report near 100%. And as said, Nasdaq can include FINRA reports allowing the subtract the shares included in lending contacts into the calculation. Hence, we know there must be about 20% overnight lending, hence 12Milj shares are short at least and ended up on the shelf of OTHER inst. inv. Fintel keeps that amount on a day-to-day, actually minute to minute basis if you have a subscription.
As IIs selling to another II, that maybe you can explain because I don't see what difference that would make. The idea is that if there would be a problem with CDMO specifically, those new II would not be investing in it.
AIMO.
DOWN yet again! See you at $4 everyone!
But the IIs are the reason to stay in the stock, per the pumpers’
Or:
1. II data is faulty
2. II is selling to another II
FFTT
JBAIN
Why do Inst. Inv. keep going up or remain stable near 120%?
The CDMO (Avid) Inst. Inv% remains high. There are a few possible explanations for that:
Avid capacity extensions already financed (pre-inflation)
As also posted by other posters on this board, Avid financed its current capacity extensions pre-inflation and doesn't need to turn to the markets or banks to lend cash for that. In about 6-12 months we'll start to see revenue from Cap. Ext 1, 2 and Orange County. Given the operation margins, high in this industry in general, Avid can easily withstand inflation and will adjust some contracts and pricing to it, so it will be paid by customers. Customers of a same Pharma/Biotech industry that equally have high margins.
Short renewal
We probably also see a short renewal. that is Shorter A open shorts into close shorts demand of shorter B. Depending on how well these new shorters are aware about the fact that the IIs control 120% of the outstanding shares, hence that the about 12 Milj short positions CANNOT be closed without them, will define how easy they can be lured into the CDMO short trap.
This will only get worse if anyone would make these IIs aware of the power situation they are in, so that they smell the 'short blood' even better. Once the brokers become aware of the possible time-bomb they are sponsoring, and for which the common broker insurance pot stands warrant, they become more difficult too.
Market Knowledge
IIs have intensive knowledge of the markets and are not driven by the eTamTam. They also know that whatever is happening to CDMO, HALO, etc is not company specific but market and sector specific. They need to be in some stock, so better to be in the good and promising ones and not into the speculative ones. And CDMO quotes in dollars and Yellen wants the dollar high, so o risk there either. The effect that we see now will stabilize because the markets corrected based on the total announcement of upcoming consecutive interest rate raise. This being said, IMO the US has the worst CB Gov. ever (that is my opinion) and I don't understand on what basis Biden has put her there.
Dividends
With capacity extensions financed, with the margins and backorder CDMO has, and with a possible second total profitable year close in April 23, the possibility for dividends starts to be very realistic. One needs to be aware that if CDMO has a huge reserve of past tax advantages on which they can write down and hence cumulate more cash on the bank.
Inst. Inv. % 119,40
source Fintel: CDMO Inst. Inv%
westjtter, actually, everybody that wants to compete with Avid and catch up through expansion will have a harder time too, resulting in either less good pricing (good for Avid) or smaller margins, hence less room for price competitions.
AIMO
Meanwhile Nic the FW has nothing to say while he collects his options and comp package
Your more than welcome!
Your 2 post have been very informative also!!!
Thanks, this was helpful.
Any company that needs to raise some cash in the coming year is definitely in big trouble....these speculative junior biotechs are being decimated, not to mention all of these new techie wunder kinder selling at 100 times revenue with losses far larger than actual revenues...these former unicorns.....many may not survive, and those that do, we be a tiny version of what they once were.
We(Avid) on the other hand do not require any financing in the next year and so really should not be punished the way we have been....but it is the old baby with the bathwater story all over again....just sell, sell, sell!!!
Here is hoping the second half of the year will see us in strong recovery mode!!!
Looks like Avid can't take 8.3% inflation
Most of us can't
But the Bozo show continues in Washington
If we were only Pfizer
And yet institutional ownership went up .5% today and buy volume exceeds sell volume.
Another 52 week LOW! Anyone think a bottom is anywhere on the horizon?
Not me! POS!!!
Re:HALO 10Q...quick perusal shows no major changes on bulk rHuPH20 sales nor any mention of any legal proceedings...but they do discuss the risk of supply chain disruptions that may have an adverse effect on the supply of rHuPH20 and that they may consider purchasing a larger than normal inventory to mitigate the potential adverse effect....imao...r
HALO
Halozyme Reports First Quarter 2022 Results
Mentioned: HALO
First Quarter Revenue of $117.3 million, Representing a 32% YOY Increase, with GAAP Diluted Earnings per Share of $0.43 and Non-GAAP Diluted Earnings per Share of $0.47
Record Quarterly Royalties in the First Quarter of $69.6 million, Representing 89% Growth over First Quarter 2021
Reiterate 2022 Revenue Guidance of $530 Million to $560 Million, Representing 20-26% Growth over Reported 2021 Revenue
Reiterate 2022 GAAP Operating Income Guidance of $350 million to $380 million, Representing 27%-38% Growth over 2021 GAAP Operating Income
Halozyme Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme") today reported financial results for the first quarter ended March 31, 2022 and provided an update on its recent corporate activities and outlook.
"We started 2022 strongly, achieving record royalty revenues with significant growth that was in-line with our guidance for 2022, and with the signing of a new ENHANZE collaboration and licensing agreement with Chugai Pharmaceutical," said Dr. Helen Torley, president and chief executive officer of Halozyme. "We were delighted to recently announce our plans to acquire Antares Pharma, Inc., which is expected to increase our top and bottom-line growth for the long term. We look forward to a transformative year as we add three commercial products and explore our combined platform capabilities and build on the strong momentum of our ENHANZE(R) royalty business.
Good news indeed. Maybe I'm a simpleton but things like this tell me the "pros" still know.
That's good to see as I didn't think there could be a one sided accounting disclosure. Not sure then why IR told West it was non material.
I have no idea how the last half hour will go, given the horrendous history
of large-block mayhem, but we are looking good at that 12 level......holding
our own in spite of the S&P swings.....Can we stay green at 4:00????
Today could be the day we saw the bottom.....GLTA.......
djohn, thanks. So it is actually already in the books & numbers & strategies.
AIMO
Good news! RBC just added Avid to their Small gap growth portfolios
Looking through the latest 10Q Filed March 8, 2022
I think Avid did disclose the dispute with HGEN
https://ir.avidbio.com/node/19566/html
Top of page 7
During the three and nine months ended January 31, 2022, changes in estimates for variable consideration resulted in a decrease in revenues of $1.2 million and $12.4 million, respectively. These changes in estimates for variable consideration can primarily be attributed to a dispute with a customer over the payment of certain cancellation fees due to us under the terms of the related customer contract which resulted in a decrease in revenues of $0.3 million and $11.5 million, for the current year three and nine-month periods, respectively. We believe we have a contractual right to the disputed amount, but as this contractual right is being disputed and therefore may be uncollectible, we have not recorded revenue associated with the disputed amount.
Unlike baseball arbitration (one wins/one loses) I could see an outcome of- for the $10M to be applied against future batches and the use of the commercial ingredients.
Fortunately or unfortunately, HGEN was delayed and ramped back up inventory and Avid says they did not lose revenue.
Then someone goes after the third party (which I have a feeling may be related to some close entity being utilized).
If Avid was able to mitigate damages from the cancellation, it should diminish any award, unless there was still unused capacity. It will be interesting to see the outcome of arbitration.
I honestly appreciate your efforts to understand the US markets and stocks.
SEC statements cannot be used as litigation pressure tactics. They are for disclosure of events that may impact the. value of securities.so that all may have an opportunity for fair due diligence. While accounting does have some areas of discretion, this is a potential for a material event for both parties. CDMO is about $120M in annual revenue right now so a $10M-20M cost (either in claims or lost revenue) is material. Again, the only discretion may be if Avid replaced the revenue and as they indicated, there is no change to guidance. They may not reserve for the decision, and that is a legal/accounting decision, but HGEN disclosed so it is unusual that only one party included in their SEC quarterly filing.
I'm on both sides of the trade so I am supporting arbitration that both agree to.
I don't know anymore than anyone else who read the statement, but HGEN and CDMO both have an obligation to shareholders to pursue.
absolutely.... a wannabe little-flyer....for some reason.
eb0783, I think that was a plain lie from someone with adviser ambitions and an agenda. Wouldn't you think so?
AIMO
djohn, good find. The other CMO couldn't make it. Avid could make it but couldn't ALL make it due to short supply of a sub-contractor. Still, HGEN doesn't expect any approval themselves otherwise they would want Lenz to be produced (now) rather then canceling and not paying for the part that wasn't produced yet.
I think that with this arbitration HGEN shows their cards. Why wouldn't they let CDMO produce the remaining Lenz ones short supply is lifted. Their next CMO will have exactly the same problem, if CDMO cant get stuff required for Lenz from sub-contractors that others will have the same problem. HGEN knows that. For moths now we are waiting for approval every day now. Yet they cancel production.
AIMO
Cubflyer1946, oh, its advising you have been doing?
pereg, maybe HGEN wants to make noise hoping their problem goes away.
As someone posted, companies don't like these conflicts. Arbitration is probably no material fact compared to a trial. Hence CDMO doesn't have to disclose and HGEN may want to use disclosure as a pression method. Which prove they probably have no feet to stand on, otherwise you wouldn't place yourself in the middle of such procedure.
AIMO
Inst. Inv. stay high at 119.24%
Our thermometer (the PPS) may show shill, our barometer (the IIs) stays near 120%.
As posted before, II are not trading based on e-noise and manipulation. AT these prices they think: Average down.
Some think that the short squeeze will not happen :) Think again. Just a matter of when, but in the current climate (Brexit, Covid, War, Yellen's idiocies with interest rates and the $ getting stronger) it is hard to say.
AIMO
Cubflyer1946, ah a 'when' question :)
Smart, you know no one can answer them.
Certainly not since the question isn't answered per CDMO, but per the complete market. Have you seen the Dow lately? The difference here is that the Dow goes down in regular session. CDMO goes mostly down in after and pre hours on a few shares.
AIMO
I also had difficulty imagining how it would even work...or be better than cylindrical. The original question I asked was during the Q&A because there was talk of Avid going to the new TF 5000L reactor since no single-use reactor was even close to that size. From post #332097
Are you designing the new space for the new 5000L reactors? We have 3 x 2000L in the existing space now. New space may have 6 x 2000L but the dimensions of the room will be looking forward to accommodate those new reactors.
In reading your posts re the “square reactors” T-F is providing, I must have missed the advantages T-F is portraying for the product. What are they? As a chemical engineer with cylindrical reactor experience, I am having difficulty even imagining advantages in light of mixing problems I would think exist in a square environment.
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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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