Avid Bioservices Inc (CDMO)

[investingdog]

<< For the life of me I can't figure out what drove the stock down after better-than-expected earnings and Piper pick up. >>


No buyers - that drove the stock down. Look at the volume, only 50% of the average daily volume. Avid longs are loaded up and sitting on the shares and others, including short term traders, are waiting for news or rumor to jump in. The downward pressure on the stock will continue till we hear something or till the PPS gets ridiculously cheap, like 1.2 or so. The bottom is not in yet.

No option buyers either, I could only sell around 100 Apr 1.5 call contracts for 0.15. Will try again on Monday.