Avid Bioservices Inc (CDMO)

[EYEBUYSTOX]

Observations on PPS and options expiry:

Last month, the market makers tanked the PPS the week after opex to really kick those who took delivery of the "in the money" March $2 calls in the nuts as the stock closed at $2.24 on Opex.

I wouldn't be surprised to see the same thing happen next week. I am expecting a pullback to bludgeon the 50 day at 1.56 and expect we'll retest the 1.50 area as we bottom out and get any $1.50 April call holders who took delivery to give up and sell. They like round numbers. The good news is that if that happens it will probably be on low volume and bounce hard and I expect the next leg up will happen over the coming weeks and months. Have a good holiday. Still better here then it was in April 2012. Hoping I can say the same thing about May-August.