Avid Bioservices Inc (CDMO)

[cjgaddy]

The Full 7-pg 1-14-13 Roth report on PPHM popped up here:
http://www.scribd.com/doc/125476930/Roth-Pphm-Jan-14

Excerpts:
"PPHM: Driving Bavi in Right Direction; Target Upped to $4
After meeting with the senior mgt. team, we continue to see our confidence increase in the company's ability to bring bavituximab forward following the 2nd line NSCLC fiasco. We believe the program is back on track and continue to expect multiple stock driving catalysts in 2013...

We have a high confidence level that the tenor of partnering discussions will continually intensify now that the 3mg/kg arm is known to be unchanged with an impressive survival benefit. We believe mgt. will be verydiligent in trying to deliver a partnership prior to the start of Phase III by the end of the year. We believe that apartnership will deliver 3 important results:
1) major third party validation for bavi.
2) having a major player at the regulatory “table” to take part in the Phase III design talks.
3) the expectation of important cash infusions in theform of an upfront payment and milestone payments. "

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Roth Capital /Joe Pantginis - init. 7-15-10 Buy/PT=$10, CURR: Buy/$2.70 http://www.roth.com
2-5-13/FlyWall: “Peregrine Mgt. to Meet with Roth Cap. on 2-12-13/Boston” http://tinyurl.com/bf8swb2
1-14-13: Roth raises PPHM PT 2.70=>$4.00 (“partnering discussions have new found life”) http://tinyurl.com/a9t29lb
1-7-13: Roth upgrades Neutral to BUY, PT 1.25=>$2.70 (after NSCLC Review Upd) http://tinyurl.com/bfj7mva
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Roth’s Coverage Universe: http://roth.bluematrix.com/docs/pdf/BLUE.pdf