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Buy vol 938K vs. 350K sell
https://ih.advfn.com/stock-market/NASDAQ/avid-bioservices-CDMO/trades
Buy volume 173K sell 123K
Anyone listen to the Morgan Stanley presentation today?
Since we are attending the Morgan Stanley HC Conf, maybe they will put out a rec like they did for HALO this morning:
Morgan Stanley suggests that investors who are looking for safety in a volatile market might consider investing in this biotechnology stock. Andrew Galler, analyst at Morgan Stanley, began coverage of Halozyme Therapeutics. The company was given an overweight rating and a price target of $50. Galler described the company as a “safe port” in a storm. He wrote that Halozyme was the most defensive name we covered due to its established royalty business, long term potential for growth and diversified base business through its acquisition of Antares. Galler specifically sees value and diversification in Halozyme’s revenue streams. He emphasized Enhanze’s drug delivery technology platform. This platform is being used by major biopharmaceutical companies such as Pfizer and Bristol-Myers Squibb. Morgan Stanley’s $50 price target indicates that shares could rise 26% after Thursday’s close. He wrote that “While we don’t see any significant upside drivers other than continued expansion of Enhanze portfolio, and commercial executions by partners in near-term”, he said. — CNBC’s Michael Bloom contributed to this report.”
For 1 share.
According to Seeking Alpha:
Avid Bioservices GAAP EPS of $0.02 beats by $0.01, revenue of $36.7M beats by $3.26M
Sep. 06, 2022 4:20 PM ETAvid Bioservices, Inc. (CDMO)By: Dania Nadeem, SA News Editor
Avid Bioservices press release (NASDAQ:CDMO): Q1 GAAP EPS of $0.02 beats by $0.01.
Revenue of $36.7M (+19.3% Y/Y) beats by $3.26M.
Shares -1.6%.
Avid Bioservices Reports Financial Results for First Quarter Ended July 31, 2022 and Recent Developments
September 6, 2022 at 4:05 PM EDT
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-- Recorded First Quarter Revenue of $36.7 Million --
-- Signed $41 Million in Net New Business Orders and Ended the Quarter with a Record High Backlog of $157 Million --
-- Facilities and Capabilities Expansions in Mammalian and Cell and Gene Therapy Businesses Continue on Schedule --
TUSTIN, Calif., Sept. 06, 2022 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced financial results for the first quarter ended July 31, 2022.
Highlights from the Quarter Ended July 31, 2022, and Other Events:
“Following a very strong fiscal 2022, revenues in the first quarter of fiscal 2023 established a new high. This was driven by our commercial team’s success in attracting new business, as well as the exceptional performance of our manufacturing and operations team in consistently delivering high quality product on time to our customers. I continue to be impressed by the talent and dedication of our employees, who are largely responsible for the many successes that the company has achieved to-date, and I look forward to this growing team continuing to push this business to new levels in the coming years,” stated Nick Green, president and chief executive officer of Avid Bioservices.
“Essential to our success has been our new commercial team. Over the last year, we have made substantive changes to our commercial organization, including significantly expanding our sales team, with additions supporting both our mammalian and our cell and gene therapy businesses. This new team is working exceptionally well together, and focusing on ensuring Avid’s continued growth. During the quarter, our team signed $41 million in new project orders, with a significant portion coming from new customers, and as a result, pushed Avid’s backlog to a new record high of $157 million.
“During the period, the expansion projects for both our mammalian and our cell and gene therapy businesses advanced according to plan. In the first quarter, the company achieved an important milestone with respect to our cell and gene therapy expansion, with the launch of the analytical and process development capabilities for this business. With respect to our mammalian cell business facilities expansion, the second phase of this project is ongoing, and we remain on track to begin customer projects in Myford South during the first quarter of calendar 2023.
“We believe that fiscal 2023 will be transformational for Avid, and look forward to reporting many exciting milestones ahead.”
Financial Highlights and Guidance
The company is reiterating full year revenue guidance for fiscal 2023 of $140 million to $145 million, a 17-21% increase over fiscal 2022.
Revenues for the first quarter of fiscal 2023 were $36.7 million, representing a 19% increase compared to $30.8 million recorded in the prior year period. The increase in revenues for the quarter can be primarily attributed to an increase in manufacturing revenues as compared to the prior year period.
As of July 31, 2022, revenue backlog was $157 million, representing a net increase of 43% compared to $110 million at the end of first quarter fiscal 2022. The company expects to recognize the majority of this backlog over the next twelve months.
Gross margin for the first quarter of fiscal 2023 was 25%, compared to a gross margin of 37% for the first quarter of fiscal 2022, which benefited from the receipt of unutilized capacity fees of $3.3 million. Excluding the prior year’s margin benefit from unutilized capacity fees, and the current quarter’s increase in costs associated with the establishment of our cell and gene therapy business and ahead of our mammalian capacity expansions, including the company’s increasing headcount and incremental depreciation from recently released facility expansions, our first quarter gross margin was on par with the prior year period.
Selling, general and administrative expenses (“SG&A”) for the first quarter of fiscal 2023 were $6.4 million, an increase of 42% compared to $4.5 million recorded for the first quarter of fiscal 2022. The increase in SG&A for the first quarter was primarily due to compensation and benefit expenses, facility and related expenses, and legal and accounting fees.
Net income was $1.6 million for the first quarter of fiscal 2023, which for the first time starting in fiscal 2023 includes a provision for income taxes as reported within the company’s income statement, as compared to a net income of $6.3 million for the first quarter of fiscal 2022.
Diluted earnings per share was $0.02 for the first quarter of fiscal 2023, compared to $0.10 for the first quarter of fiscal 2022.
Avid reported $115.1 million in cash and cash equivalents as of July 31, 2022, compared to $126.2 million on April 30, 2022.
More detailed financial information and analysis may be found in Avid Bioservices’ Quarterly Report on Form 10-Q, which will be filed with the Securities and Exchange Commission today.
Recent Corporate Developments
The company’s commercial team signed multiple new orders during the first quarter, totaling approximately net $41 million. A significant portion of these orders are with new customers, contributing to the ongoing expansion and diversification of the company’s client base. These orders span all areas of the business, from process development to commercial manufacturing.
The company recently announced the appointment of Pramthesh (Prem) Patel, Ph.D., as vice president, process development for Avid’s mammalian cell business. Dr. Patel is an accomplished biopharmaceutical industry executive with more than 30 years of experience and a track record of success in developing manufacturing processes for clinical trial material and commercial supplies. Dr. Patel’s career is highlighted by extended tenures supporting research, development and manufacturing activities at GSK and Bristol Myers Squibb.
The company continues to make progress with both the Myford South expansion, as well as the construction of its new dedicated cell and gene therapy facility. During the quarter, the company announced plans to expand process development capacity for the mammalian cell business. Avid estimates that this expansion will cost approximately $6 million and, depending on the mix of customer orders, has the potential to support up to an additional $20 million in annual process development revenue. The company currently expects to complete the second phase of its Myford South expansion, which includes both upstream and downstream CGMP manufacturing suites, during the first quarter of calendar 2023. With respect to the cell and gene therapy business, the company brought its process and analytical development capacity online in June 2022. The company remains on track to bring the CGMP manufacturing suites online in mid-calendar 2023. Please visit the Avid website Facilities page for more information about the company’s expansions and videos documenting progress (https://avidbio.com/expansion-updates/).
In an effort to appropriately staff our new capacities and capabilities, the company plans to continue increasing headcount through the fiscal year-end. At the end of the first quarter of fiscal 2023, the company had 343 full-time employees. This represents a 28% increase compared to 269 full-time employees as of the prior year period.
Avid Bioservices Appoints Pramthesh (Prem) Patel, Ph.D., as Vice President, Process Development for Mammalian Cell Business
September 1, 2022 at 8:05 AM EDT
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Biopharmaceutical Executive with More than 30 Years of Experience With Top Global Big Pharma Companies GSK and Bristol Myers Squibb
TUSTIN, Calif., Sept. 01, 2022 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced the appointment of Pramthesh (Prem) Patel, Ph.D., as vice president, process development for its mammalian cell business. Dr. Patel is an accomplished biopharmaceutical industry executive with more than 30 years of experience and a track record of success in developing manufacturing processes for clinical trial material and commercial supplies. His career is highlighted by extended tenures supporting research, development and manufacturing activities at GSK (formerly known as GlaxoSmithKline) and Bristol Myers Squibb.
Prior to joining Avid, Dr. Patel spent more than 23 years at GSK, most recently serving as senior director. In this role he managed the team responsible for the company’s mammalian cell culture and microbial fermentation process development for biopharmaceuticals. While at GSK, he was also chairperson of the technology and platform progression review committee, as well as a member of the team responsible for establishing the overall growth strategy for the company’s entire biopharmaceutical CMC development division. Dr. Patel also spent more than a decade with Bristol Myers Squibb, most recently as group leader responsible for designing and developing new and innovative mechanism-based screens adaptable to ultra-high throughput and aimed at discovering novel pharmacophores. Dr. Patel began his career as a postdoctoral scholar at Virgina Tech University. He earned a Ph.D. in microbial and cellular physiology from the University of Florida.
“Prem has spent more than 30 years helping drive innovation in the areas of biopharmaceutical research, development and manufacturing, serving in key leadership roles at two of the most successful global pharmaceutical companies. His recent work at GSK, spanning technology transfer, process scale-up, characterization and validation, and media optimization, is particularly relevant to our mammalian cell process development activities and will offer Avid great insight into how we can best serve our current and future Big Pharma customers. We are delighted to add his technical expertise and Big Pharma perspective to our team as we continue efforts to strategically grow our mammalian cell business,” said Nick Green, president and chief executive officer of Avid Bioservices.
Avid recently announced plans for further expanding its process development capacity for its mammalian cell business. As part of these efforts, Avid is expanding its state-of-the-art laboratories which could support an additional $20 million in annual process development revenue, doubling the company’s current process development capacity. The company anticipates that this expansion will be completed by the end of first calendar quarter in 2023.
About?Avid Bioservices, Inc.
Avid Bioservices (NASDAQ:CDMO), an S&P SmallCap 600 company, is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biologics. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 29 years of experience producing monoclonal antibodies and recombinant proteins, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com
Forward-Looking Statements
Statements in this press release, which are not purely historical, including statements regarding Avid Bioservices' intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that the expansion of the process development laboratories may experience delays. Our business could be affected by a number of other factors, including the risk factors listed from time to time in our reports filed with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K for the fiscal year ended April 30, 2022, as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. We caution investors not to place undue reliance on the forward-looking statements contained in this press release, and we disclaim any obligation, and do not undertake, to update or revise any forward-looking statements in this press release except as may be required by law.
Contacts:
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons (Media)
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
The pps always gets driven down before a big buy. It hasn’t shown up on Fintel yet.
Unusual to have a trade of more than a handful of shares premarket.
08/31/2022 7:18:14 EDT W 16.97 428
Avid Bioservices to Report Financial Results for First Quarter of Fiscal Year 2023 After Market Close on September 6, 2022
August 30, 2022 at 4:05 PM EDT
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TUSTIN, Calif., Aug. 30, 2022 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality services to biotechnology and pharmaceutical companies, today announced that it will report financial results for the first quarter of fiscal year 2023 on September 6, 2022 after market close and will host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time). Members of Avid's senior management will discuss financial results for the first quarter and review recent corporate developments.
To listen to the live webcast, or access the archived webcast, please visit: http://ir.avidbio.com/investor-events.
About Avid Bioservices, Inc.
Avid Bioservices (NASDAQ:CDMO), an S&P SmallCap 600 company, is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biologics. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 29 years of experience producing monoclonal antibodies and recombinant proteins, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com
Contacts:
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons (Media)
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
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Re: CTLT:
$CTLT UBS Lowers Catalent PT To $132 From $145; Jefferies To $110 From $130; Morgan Stanley To $120 From $132, Overweight Rating ; Deutsche Bank To $105 From $110, Hold Rating; Barclays To $115 From $130, Overweight; Part
It is likely we’ll get a PR this week re: earnings.
Buy volume 115K vs sell 88 K.
Short interest was down 600K
CDMO Short Interest
SETTLEMENT DATE SHORT INTEREST AVG. DAILY SHARE VOLUME DAYS TO COVER
08/15/2022 5,258,632 498,551 10.547832
07/29/2022 5,847,931 654,696 8.932285
07/15/2022 5,625,037 613,358 9.170887
06/30/2022 5,473,663 730,595 7.492062
06/15/2022 5,934,343 501,265 11.838734
05/31/2022 5,975,789 682,625 8.754131
05/13/2022 5,690,114 902,350 6.305884
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
Plug up 15% on green hydrogen deal with Amazon.
Only 40 K shares traded so far.
I assume they all have d&o insurance. No doubt there are good reasons to do this but it rubs me the wrong way to give a pass on breach of fiduciary duty. They are getting paid for being directors, after all.
14A proxy filed. This is new:
Proposal No. 4:
Approval Of Amendment To Our Restated Certificate Of Incorporation To Limit The Liability Of Certain Officers
The Board has unanimously adopted a resolution to amend our Restated Certificate of Incorporation (“Charter”), subject to stockholder approval, to provide for the elimination or limitation of monetary liability of specified executive officers of the Company for breach of the duty of care. Article VI of our Charter currently provides for the Company to limit the monetary liability of directors in certain circumstances pursuant to and consistent with Section 102(b)(7) of the General Corporation Laws of Delaware (“DCGL”). Effective August 1, 2022, Section 102(b)(7) of the DCGL was amended to permit a corporation’s certificate of incorporation to include a provision eliminating or limiting monetary liability for certain senior corporate officers for breach of the fiduciary duty.
If the stockholders approve this Proposal at the Annual Meeting, the Company will file a Certificate of Amendment of Restated Certificate of Incorporation (the “Amendment”) in the form attached hereto as Appendix A.
Purpose and Possible Effects of the Proposed Amendment
The Board desires to amend its Charter to maintain provisions consistent with the governing statutes contained in the DCGL and believes that amending its Charter to add the authorized liability protection for certain officers, consistent with the protection in the Charter currently afforded its directors, is necessary in order to continue to attract and retain experienced and qualified officers.
The proposed Amendment would allow for the exculpation of certain officers only in connection with direct claims brought by stockholders, including class actions, but would not eliminate officers’ monetary liability for breach of fiduciary duty claims brought by the corporation itself or for derivative claims brought by stockholders in the name of the corporation. As is currently the case with directors under our Charter, the Amendments would not limit the liability of officers for: any breach of the duty of loyalty to the corporation or its stockholders, any acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law, and any transaction from which the officer derived an improper personal benefit.
Vote Required
Approval of the Amendment the affirmative vote of the holders of a majority of the voting power of the shares of our outstanding stock entitled to vote on this Proposal, voting together as a single class. Abstentions and broker non-votes will have the same effect as votes “AGAINST” this Proposal.
Recommendation of the Board of Directors
THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR THE APPROVAL OF THE AMENDMENT.
Unusual to have ask size of 3400 at 18.91. Usually it is only 100 or so.
They still hold 6 mil shares.
Wellington started a new position with 226 K shares.
Institutional Shares (Long) 72,900,451 - 117.90% (ex 13D/G) -
Was anything said about Groton yesterday?
What about Groton?
Jason Few, will present at the Canaccord Genuity 42nd Annual Growth Conference on Thursday, Aug, 11, 2022 at approximately 12:30 p.m. ET.
Few will provide a corporate and solution overview during the 25 minute presentation.
To register and attend the session, visit https://wsw.com/webcast/canaccord76/fcel/2419326 A replay and transcript will be available shortly after the event.
My 17.60 buy yesterday looks pretty good right now. I’m surprised HALO isn’t doing better.
HALO apparently had good numbers. Up 4.17 AH. Hopefully we’ll be up tomorrow as well.
I do.
HALO is taking a beating, down almost $2. They have earnings after the close.
It didn’t work last time. Hopefully today will be different.
FuelCell Energy CEO Jason Few to Present at the Canaccord Genuity 42nd Annual Growth Conference
August 09 2022 - 08:54AM
GlobeNewswire Inc.
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FuelCell Energy, Inc., (Nasdaq: FCEL) -- a global leader in manufacturing stationary fuel cell energy platforms for decarbonizing power, and producing hydrogen to enable a world empowered by clean energy, today announced that company President and CEO, Jason Few, will present at the Canaccord Genuity 42nd Annual Growth Conference on Thursday, Aug, 11, 2022 at approximately 12:30 p.m. ET.
Few will provide a corporate and solution overview during the 25 minute presentation.
To register and attend the session, visit https://wsw.com/webcast/canaccord76/fcel/2419326 A replay and transcript will be available shortly after the event.
The Canaccord Genuity Annual Growth Conference brings together institutional investors from across the globe with some of the best and most promising growth companies in Technology, Healthcare & Life Sciences, Sustainability, Industrials, and Consumer & Retail.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. Our solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe.
Contact:
FuelCell Energy
FuelCell@escalatepr.com
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08/09/2022 7:14:09 EDT I 19.97 5 NSD
I hope it closes at 19.99. I bought back the shares I sold at $1.50 less than sale price yesterday. Jennison buying 600 K more is a good sign. They aren’t fools.
Premarket
08/03/2022 9:05:29 EDT I 19.99 1
Jennison Associates reported today an additional 610K
New total. 1,871,569
Added today. 610,382
Percent increase. 48.40
Good for us too?
Positive Results Announced from Phase III IMscin001 Study Evaluating Subcutaneous Formulation of Tecentriq® with ENHANZE® in Advanced Non-Small Cell Lung Cancer
August 02 2022 - 12:55AM
PR Newswire (US)
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Subcutaneous formulation with ENHANZE® reduced treatment time to 3-8 minutes compared to 30-60 minutes for standard intravenous infusion
SAN DIEGO, Aug. 2, 2022 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme") today announced that Roche's Phase III IMscin001 study evaluating a subcutaneous (SC) formulation of Tecentriq® (atezolizumab) with Halozyme's ENHANZE® technology met its co-primary endpoints.
The study showed non-inferior levels of Tecentriq® in the blood (pharmacokinetics), when injected subcutaneously, compared with intravenous (IV) infusion in cancer immunotherapy-naïve patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) for whom prior platinum therapy has failed. The safety profile of the SC formulation was consistent with IV Tecentriq®.
"These positive results further demonstrate the opportunity for a coformulation of ENHANZE to potentially benefit patients by reducing the treatment time of Tecentriq to 3-8 minutes as a SC delivery from 30-60 minutes for IV treatment," commented Dr. Helen Torley, president and chief executive officer of Halozyme. "We are delighted to announce these positive results, which represent our second positive Phase III trial announcement this year for our Wave Three products."
Roche will share detailed findings of the IMscin001 study at an upcoming medical meeting and submit the data for regulatory approval to health authorities globally, including the U.S. Food and Drug Administration and the European Medicines Agency.
About ENHANZE® Technology
Halozyme's proprietary ENHANZE® drug delivery technology is based on its patented recombinant human hyaluronidase enzyme (rHuPH20). rHuPH20 has been shown to remove traditional limitations on the volume of biologics that can be delivered subcutaneously (just under the skin). By using rHuPH20, some biologics and compounds that are administered intravenously may instead be delivered subcutaneously. ENHANZE® may also benefit subcutaneous biologics by reducing the need for multiple injections.
About Halozyme
Halozyme is a biopharmaceutical company bringing disruptive solutions to significantly improve patient experiences and outcomes for emerging and established therapies. As the innovators of the ENHANZE® technology with the proprietary enzyme rHuPH20, Halozyme's commercially-validated solution is used to facilitate the delivery of injected drugs and fluids in order to reduce the treatment burden to patients. Having touched more than 600,000 patient lives in post-marketing use in five commercialized products across more than 100 global markets, Halozyme has licensed its ENHANZE® technology to leading pharmaceutical and biotechnology companies including Roche, Baxalta, Pfizer, AbbVie, Eli Lilly, Bristol-Myers Squibb, Alexion, argenx, Horizon Therapeutics, ViiV Healthcare and Chugai Pharmaceutical.
Halozyme also develops, manufactures and commercializes, for itself or with partners, drug-device combination products using its advanced auto-injector technology that are designed to provide commercial or functional advantages such as improved convenience and tolerability, and enhanced patient comfort and adherence. The Company has a commercial portfolio of proprietary products including XYOSTED®, TLANDO™ and NOCDURNA® and partnered commercial products and ongoing product development programs with industry leading pharmaceutical companies including Teva Pharmaceutical, Covis Pharma, Pfizer and Idorsia Pharmaceuticals.
Halozyme is headquartered in San Diego, CA and has offices in Ewing, NJ and Minnetonka, MN. Minnetonka is also the site of its operations facility.
For more information visit www.halozyme.com and connect with us on LinkedIn and Twitter.
The next call will be around 9/9 for q/e 7/31/2022.
Earnings call was 6/29. Transcript should be on Seeking Alpha.
What call?
I have some significant realized losses this year so have been trading a few CDMO shares. Sold some yesterday at 20.40 and want to buy back lower. How low do you think it will go? I have it set at 18 right now.