Avid Biosciences falls as it cuts FY24 revenue forecast

Avid Bioservices

08/12/2023 13:09

** Shares of contract drugmaker Avid Bioservices  CDMO.O 
fall 15.1% to $4.49 in premarket trading
    ** Late Thursday, co cut its FY24 revenue forecast to
between $137 mln and $147 mln from $145 mln and $165 mln
    ** Co's Q2 rev of $25.4 mln missed Wall Street estimates of
$33.2 mln - LSEG
     ** CDMO's Q2 loss of 15 cents/shr was wider than 2
cents/shr a year ago
    ** Co expects revenue growth during the second half of the
fiscal year, aided by its new business bookings of $35 mln 
    ** Brokerage RBC lowers its PT on CDMO to $7 from $15 as it
expects slow revenue growth
    ** 4 of 5 brokerages rate the stock "buy" or higher and 1
"hold"; their median PT is $14.5
    ** Up to Thursday's close, stock down 61.6% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))