Avid Bioservices Inc (CDMO)

[RRdog]

Believe it or not I think it is still too early in the game to really get a meaningful signal from the percentage of institutional interest.

If you are going to do this calculation, why don't you do it in a way that would have more meaning to investors on this board. Your 30mm + number would imply about a 15% institutional interest in PPHM

If you were to add Dart 9mm+ you come to about 20-21%.

I think that still gives a wrong impression. The real increase in institutional ownership is in the preferred which was approx 100% owned by institutions on the offering according to MLV. You have to make the assumption that at some point that preferred becomes common at $3/ share.

So I would take the total amount of preferred sold and multiply by 8. Then add that number to both the total cap and the numerator which would be approx 39mm plus the preferred converted amount. That would give you a clearer more meaningful picture. I believe it brings you up around 30%. Still a low number but more clear.

I think the real institutional interest will show up if and when there are major fundamental events that take the common price over $5/ share. Until then it is a less relevant number. The real increase in the last couple of years is hidden in the preferred.

Just IMO
RRdog