Avid Bioservices Inc (CDMO)

[biopharm]

I also can't believe Stephen Dunn of LifeTech Capitcal has reduced his target price of Peregrine down to $5.

The "Institutional Research Team" for Lifetech Capital is noted as Stephen Dunn along with William D. Dawson... below is some info regarding our guy who says the new price target is $5.

(1) "Mr. Dunn was previously the Managing Director of Life Sciences Research at Jesup & Lamont, as well as Director of Research for Dawson James Securities and Director of Life Sciences at Cabot Adams venture capital group. He has also held management positions in Business Development, Finance and Operations having worked in over 25 countries in North America, Europe and the Far East with biomedical companies including Beckman Coulter, Coulter, Cordis (Johnson & Johnson), Telectronics (St. Jude Medical) as well as several smaller companies. With over 25 years within the global biomedical industry, Mr. Dunn has negotiated numerous intellectual property licenses, product development agreements, venture funding, M&A and joint ventures with companies such as GlaxoSmithKline, Pharmacia, Novartis, Bayer, Schering AG, Wyeth, Eli Lilly, Pfizer, Genzyme, Martek Biosciences, Fisher Life Sciences, Becton Dickinson, Idec Pharmaceuticals, Ortho Diagnostics, DakoCytomation, Los Alamos and Sandia National Laboratories, the Mayo Clinic Foundation and the Dana-Farber Institute along with dozens of smaller public and private companies throughout the world.

Mr. Dunn is a 5-star biotechnology analyst on StarMine and has appeared in both the financial and scientific media such as The Wall Street Journal, CNN, Newsweek, Forbes, Nightly Business Report, Nature Biotechnology, The Scientist, BioWorld and many other media outlets. He is also a frequent speaker and panel member for many financial, medical and venture capital events."

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Interestingly enough.... I find this article about Lifetech Capital and will take the last few paragraphs that states:

(2) "LifeTech currently has six employees and does not plan to grow into the hundreds, Keyser said. The bank’s goal is to underwrite about one deal a month in the range of $5 million to $25 million, he noted.

Most of LifeTech’s revenue will come from fees it collects for underwriting deals (either from cash or equity), but a small portion will come from brokerage services for wealthy individuals, Keyser said. “The idea is quality over quantity.”

LifeTech wants to target promising companies in the early stages of development that can go public or be bought out within a year, Dunn said. The goal is to build LifeTech’s reputation with investors by only underwriting deals for companies that have been thoroughly vetted."

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For now...its something to keep an eye on and will continue to compare other target prices Stephen Dunn has given and deals that have been made thereafter with any of them because its something to think about. The key statement is "target promising companies in the early stages of development that can go public or be bought out within a year" .. Dunn's exact quotes, though I don't think the shareholders best interest is in the hands of Stephen Dunn who possibly is more so looking to unload Peregrine into the hands of some larger pharmaceutical he has been in discussions with.... stay tuned...

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(1) http://www.lifetechcapital.com/research.htm

(2) http://www.bizjournals.com/southflorida/stories/2010/03/01/story7.html