Avid Bioservices Inc (CDMO)

[hutschi]

** Citi is the second brokerage, after Credit Suisse (Full Story), to downgrade Roche ROG.S to "neutral" from "buy" this week
** It says Roche's rate of progress in the field of immuno-oncology has underperformed broker's expectations set out in 2015
** "We are concerned that the near-term impact of biosimilars in EU will prove more negative to Roche's P&L than envisaged by consensus", broker adds
** Removes Roche from the Citi Focus List and prefers "buy"-rated AstraZeneca Plc AZN.L and Bayer BAYGn.DE in Europe
** Q3 sales (due Oct. 19) likely to show first signs of biosimilars impact, according to analysts (Full Story)