Avid Bioservices Inc (CDMO)

[Frustrated]

Whoever bought 16M shares @ $1.75 must feel really confident that the price is going higher

Not necessarily true. They probably shorted up to the 2 dollar range and the 16m shares could just cover their short position. Remember the days of the pipe when PL and the gang would say they sold the pipe to strong institutional investors and yet their holdings never showed up. Tough to change colors. All imo.