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Final buy/sell volume today: 480K/272K.
I’m glad the gap filled. It may take a few days but I expect this to move up substantially. I bought a load more.
On twitter Laughing Water Capital said an RBC analyst said Cdmo revenues are lumpy businesses. With capacity about to double and capacity prebooked they aren’t concerned about Avid.
Filings so far today
Date Source Investor Type Avg Price
(Est) Shares ? Shares
(%) Reported
Value
($1000) ? Value
(%) Port Alloc
(%)
2023-05-18 13F/A Jpmorgan Chase & Co 78,157 11.51 1,466
2023-05-18 NP MUTUAL OF AMERICA INVESTMENT CORP - Small Cap Equity Index Fund Class 12,355 -1.47 232 34.30
2023-05-18 13F/A New York State Common Retirement Fund 841,286 7.59 16 50.00
2023-05-18 NP Mutual of America Variable Insurance Portfolios, Inc. - Small Cap Equity Index Portfolio Class 477 -2.45
Buy vol 214K sell 185K
I saw someone bought 300 yesterday.
Just fill the gap so we can move on.
Buy volume 561K sell volume 433K. In between 177K.
Still, the volume isn’t extraordinary. I’ve bought more three times today. As Stoneroad said, there is still a downward gap. Unless there was an earthquake we didn’t hear about, I can’t see a valid reason for this drop.
NASDAQ still shows 103.67% institutional ownership.
Buy volume 156K sell volume 146K.
https://ih.advfn.com/stock-market/NASDAQ/avid-bioservices-CDMO/trades?pid=trades&symbol=NASDAQ:CDMO
I don’t understand the comment on reduction in revenues:
Threat
Debt is not well covered by operating cash flow.
Annual earnings are forecast to decline for the next 3 years.
Is CDMO well equipped to handle threats?
Institutional investment up to 121% from 119% a couple of days ago.
Institutional Shares (Long) 75,691,136 - 121.01% (ex 13D/G) - change of shares - change of % MR
Avid Bioservices to Participate in RBC Capital Markets Global Healthcare Conference
May 10, 2023 at 4:05 PM EDT
Download PDF
TUSTIN, Calif., May 10, 2023 (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 that the company will participate in the RBC Capital Markets Global Healthcare Conference. Nick Green, president and chief executive officer, will be the featured speaker in a fireside chat at the conference, which will take place May 16-17, 2023.
Details of the company’s participation are as follows:
RBC Capital Markets Global Healthcare Conference
Conference Date: May 16-17, 2023
Fireside Chat Time/Date: 8:30 - 8:55 a.m. Eastern on Wednesday, May 17, 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 30 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
Primary Logo
Source: Avid Bioservices, Inc
So what’s up with the 220 shares at 19.25 premarket? Unfortunately the ask is 18.75 now.
Any idea on why HALO has been so beaten up?
For. 4’s filed for Hancock and Zeibell. Sold all they vested.
Note this is the only board he/she posts on, unless other aliases are used.
Also one for 87K just after the close
Date/Time Price Shares Exch/Mkt
04/25/2023 18:10:57 EDT I 18.60 25 ARCA
04/25/2023 17:27:12 EDT P 18.57 79000 NDD
04/25/2023 17:20:06 EDT I 18.69 4 NSD
04/25/2023 16:01:12 EDT P 18.57 2381 NDD
04/25/2023 16:01:10 EDT P 18.57 476 NDD
04/25/2023 16:01:08 EDT P 18.57 270 NDD
04/25/2023 16:01:04 EDT P 18.57 419 NDD
04/25/2023 16:00:15 EDT I 18.57 9 NDD
04/25/2023 16:00:15 EDT P 18.57 1595 NDD
04/25/2023 16:00:15 EDT I 18.57 32 NDD
04/25/2023 16:00:15 EDT P 18.57 6609 NDD
04/25/2023 16:00:15 EDT I 18.57 96 NDD
04/25/2023 16:00:06 EDT W 18.57 87000
FWIW, today is options expiration.
Higher than normal AH action today.
17/2023 17:26:15 EDT P 19.31 91600 NDD
04/17/2023 17:26:15 EDT P 19.31 56500 NDD
04/17/2023 16:23:34 EDT I 19.31 1 NSD
04/17/2023 16:08:25 EDT I 19.312 1 NDD
04/17/2023 16:01:10 EDT T 19.31 266 NDD
04/17/2023 16:00:39 EDT T 19.31 26786 NDD
04/17/2023 16:00:34 EDT T 19.31 145 NDD
04/17/2023 16:00:32 EDT T 19.31 130 NDD
04/17/2023 16:00:32 EDT I 19.31 56 NDD
04/17/2023 16:00:05 EDT T 19.31 923 NDD
04/17/2023 16:00:05 EDT T 19.31 4828 NDD
04/17/2023 16:00:01 EDT T 19.31 483 NDD
04/17/2023 16:00:01 EDT T 19.31 202
Your last post was on 4/4 when CDMO closed at 18.85. It’s 80 cents higher than that closing today in spite of being down 1.27 on the day. Your taunts are rather pathetic.
CTLT down 27%. Wow!
Agreed. I bought more trading shares at 19.60. Hoping it doesn’t go much lower.
What the H*** is a Form 144
https://ir.avidbio.com/node/20086/html
Rule 144: Selling Restricted and Control Securities
Jan. 16, 2013
When you acquire restricted securities or hold control securities, you must find an exemption from the SEC's registration requirements to sell them in a public marketplace. Rule 144 allows public resale of restricted and control securities if a number of conditions are met. This overview tells you what you need to know about selling your restricted or control securities. It also describes how to have a restrictive legend removed.
What Are Restricted and Control Securities?
Restricted securities are securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer. Investors typically receive restricted securities through private placement offerings, Regulation D offerings, employee stock benefit plans, as compensation for professional services, or in exchange for providing "seed money" or start-up capital to the company. Rule 144(a)(3) identifies what sales produce restricted securities.
Control securities are those held by an affiliate of the issuing company. An affiliate is a person, such as an executive officer, a director or large shareholder, in a relationship of control with the issuer. Control means the power to direct the management and policies of the company in question, whether through the ownership of voting securities, by contract, or otherwise. If you buy securities from a controlling person or "affiliate," you take restricted securities, even if they were not restricted in the affiliate's hands.
If you acquire restrictive securities, you almost always will receive a certificate stamped with a "restrictive" legend. The legend indicates that the securities may not be resold in the marketplace unless they are registered with the SEC or are exempt from the registration requirements. Certificates for control securities usually are not stamped with a legend.
What Are the Conditions of Rule 144?
If you want to sell your restricted or control securities to the public, you can meet the applicable conditions set forth in Rule 144. The rule is not the exclusive means for selling restricted or control securities, but provides a "safe harbor" exemption to sellers. The rule's five conditions are summarized below:
Additional securities purchased from the issuer do not affect the holding period of previously purchased securities of the same class. If you purchased restricted securities from another non-affiliate, you can tack on that non-affiliate's holding period to your holding period. For gifts made by an affiliate, the holding period begins when the affiliate acquired the securities and not on the date of the gift. In the case of a stock option, including employee stock options, the holding period begins on the date the option is exercised and not the date it is granted.
Holding Period. Before you may sell any restricted securities in the marketplace, you must hold them for a certain period of time. If the company that issued the securities is a “reporting company” in that it is subject to the reporting requirements of the Securities Exchange Act of 1934, then you must hold the securities for at least six months. If the issuer of the securities is not subject to the reporting requirements, then you must hold the securities for at least one year. The relevant holding period begins when the securities were bought and fully paid for. The holding period only applies to restricted securities. Because securities acquired in the public market are not restricted, there is no holding period for an affiliate who purchases securities of the issuer in the marketplace. But the resale of an affiliate's shares as control securities is subject to the other conditions of the rule.
Current Public Information. There must be adequate current information about the issuing company publicly available before the sale can be made. For reporting companies, this generally means that the companies have complied with the periodic reporting requirements of the Securities Exchange Act of 1934. For non-reporting companies, this means that certain company information, including information regarding the nature of its business, the identity of its officers and directors, and its financial statements, is publicly available.
Trading Volume Formula. If you are an affiliate, the number of equity securities you may sell during any three-month period cannot exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing of a notice of sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement.
Ordinary Brokerage Transactions. If you are an affiliate, the sales must be handled in all respects as routine trading transactions, and brokers may not receive more than a normal commission. Neither the seller nor the broker can solicit orders to buy the securities.
Filing a Notice of Proposed Sale With the SEC. If you are an affiliate, you must file a notice with the SEC on Form 144 if the sale involves more than 5,000 shares or the aggregate dollar amount is greater than $50,000 in any three-month period.
If I Am Not an Affiliate of the Issuer, What Conditions of Rule 144 Must I Comply With?
If you are not (and have not been for at least three months) an affiliate of the company issuing the securities and have held the restricted securities for at least one year, you can sell the securities without regard to the conditions in Rule 144 discussed above. If the issuer of the securities is subject to the Exchange Act reporting requirements and you have held the securities for at least six months but less than one year, you may sell the securities as long as you satisfy the current public information condition.
Can the Securities Be Sold Publicly If the Conditions of Rule 144 Have Been Met?
Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restrictive legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and permit execution of the trade in the marketplace.
To begin the legend removal process, an investor should contact the company that issued the securities, or the transfer agent for the securities, to ask about the procedures for removing a legend. Removing the legend can be a complicated process requiring you to work with an attorney who specializes in securities law.
What If a Dispute Arises Over Whether I Can Remove the Legend?
If a dispute arises about whether a restrictive legend can be removed, the SEC will not intervene. Removal of a legend is a matter solely in the discretion of the issuer of the securities. State law, not federal law, covers disputes about the removal of legends. Thus, the SEC will not take action in any decision or dispute about removing a restrictive legend.
New 52 wk high.
My 18.25 buy Monday looks pretty good for now.
We hit it. Higher highs are good.
Hancock vested and sold another 5K shares yesterday. He sells as fast as he vests every dam* time.
That’s biotech investing for you!
OGEN looks interesting. That 1 for 60 stock split in December must have been painful!
Your previous post on 3/26 was when the stock price was 17.47. It is now 18.56. That is quite a drop into the toilet.
Avid Bioservices Unveils Completed Mammalian Cell Facilities Expansion Providing Significantly Increased Capacity for Existing and Future Customers
April 4, 2023 at 8:05 AM EDT
Download PDF
Company to Host Open House to Celebrate Official Launch of Newest CGMP Mammalian Cell Manufacturing Suites within Myford Facility
First Customer Project in Newly Expanded Capacity to Kick-Off This Month
Company Also Announces Completion of Mammalian Cell Process Development Capacity Expansion
TUSTIN, Calif., April 04, 2023 (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 completion of two expansions within the company’s mammalian cell facilities. The company expects that the first customer for the newly expanded CGMP mammalian cell suites will begin manufacture this month. To celebrate the launch of the newly expanded facilities, Avid is today hosting an open house and tour for existing and prospective clients.
“We are proud to unveil our completed expansions and excited to kick off the first customer project within our latest, state-of-the-art mammalian cell manufacturing suites. These build-outs involved great complexity and required exemplary efforts from our entire team. I would like to acknowledge the tremendous work from everyone who played a role in completing these significant projects on schedule,” said Nick Green, president and chief executive officer of Avid Bioservices. “This launch could not be timed any better based on the significant demand we continue to see for our mammalian cell services, highlighted by significant new business wins and the largest backlog in the history of the company.”
The newly expanded manufacturing capacity includes both upstream and downstream CGMP manufacturing suites and serves as complement to Avid’s existing Myford facility, providing increased capacity to address the needs of both existing and future mammalian cell business customers. The addition of the capacity provided by the new manufacturing suites within the Myford facility has the potential to generate approximately an additional $100 million in annual revenue.
In addition to the launch of the newly expanded Myford facility, Avid also announced the completion of its mammalian cell process development expansion, which has doubled the company’s total process development capacity. Now operational, these new capabilities have the potential to support up to an additional $25 million in annual process development revenue.
With the completion of these mammalian cell capacity expansion projects, Avid’s sole ongoing expansion effort involves the build-out of its new cell and gene therapy facility (CGT Facility), which will support early-stage development through commercial manufacturing. The company has already launched analytical and process development capabilities at this viral vector facility and remains on track to launch the CGMP manufacturing suites by the end of the third quarter of calendar 2023.
Upon completion of the CGT Facility, we estimate that our combined facilities will have the potential to bring our total revenue generating capacity to up to approximately $400 million annually.
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 30 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 company may be unable to utilize the full additional revenue generating capacity of the Myford South facility and/or the process development laboratory expansions and the risk that the completion of the cell and gene therapy facility may be delayed. 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) Tim Brons (Media)
Vida Strategic Partners Vida Strategic Partners
415-675-7401 415-675-7402
sdiaz@vidasp.com
Surprised to see this size premarket trade:
04/03/2023 8:15:58 EDT W 18.76 2993 NDD
Cup and handle from October 2022?
2 large trades
09:50:41 $ 17.25 79,428
09:50:41 $ 17.25 42,187
I see there are 724 $12.50 puts outstanding.
Daniel Hart got 2K shares, sold 5 K.
https://ir.avidbio.com/sec-filings/sec-filing/4/0001683168-23-001564
I bought back shares in HALO this morning, having sold at $50. I sold my new CDMO shares from Friday at 18.50 and have a buy order on those as well. There is a gap to fill, so we’ll see if it does.
New 8 K
https://ir.avidbio.com/node/20041/html
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 14, 2023, Avid Bioservices, Inc. (the “Borrower” and “Company”), entered into a credit agreement (the “Credit Agreement”) among the Borrower, the guarantors identified therein, the lenders identified therein, and Bank of America, N.A., as administrative agent and letter of credit issuer. The Credit Agreement provides for a revolving credit facility (the “Credit Facility”) in an amount equal to the lesser of (i) $50 million, and (ii) a borrowing base calculated as the sum of (i) 80% of the value of certain eligible accounts of the Company, plus (ii) up to 100% of the value of eligible cash collateral.
If and when the Borrower obtains any Loans under the Credit Facility, the proceeds therefrom are expected to be used for general corporate purposes.
The Credit Facility will mature on March 13, 2024 and is secured by substantially all of the assets of the Borrower.
Loans under the Credit Facility will bear interest on the outstanding principal amount thereof, at either (1) a term SOFR rate for a specified interest period plus a SOFR adjustment (equal to 0.10%) plus a margin of 1.40% or (2) base rate plus a margin of 0.40% at the option of the Borrower. Both the SOFR rate and base rate applicable to the loans is subject to an interest rate “floor” of 0.0%.
The Credit Agreement includes certain customary affirmative and negative covenants, including limitations on mergers, consolidations and sales of assets, limitations on liens, limitations on certain restricted payments and investments, limitations on transactions with affiliates and limitations on incurring additional indebtedness. In addition, the Credit Agreement requires maintenance of a minimum consolidated EBITDA of $15 million for the most recently completed four (4) fiscal quarters as measured at the end of each fiscal quarter.
The Credit Agreement also provides for certain customary events of default, including, among others, (a) failure to make payments (including nonpayment of principal, interest, fees or other amounts); (b) breach of representations and warranties; (c) default of covenants; (d) cross-defaults to other indebtedness; (e) bankruptcy and insolvency events; (f) certain ERISA events; (g) invalidity of guarantees; (h) invalidity of security documents and invalidity of liens; (i) material unsatisfied final judgments; (j) change of control; and (k) invalidity of the terms of any material subordinated debt, subject to customary materiality thresholds, grace periods and other exceptions.
This summary of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Credit Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following material is filed as an exhibit to this Current Report on Form 8-K:
Exhibit Number Description
10.1
Credit Agreement, Dated as of March 14, 2023, among Avid Bioservices, Inc., as the Borrower, the Guarantors Party Hereto, the Lenders Party Hereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
I think quite a few of us have been here 20 years +. I’m waiting for $40 but trading around a core position these days.