Avid Bioservices falls on forecasting fiscal 2024 revenue below estimates

Avid Bioservices

21/06/2023 21:28

** Shares of contract development and manufacturing firm
Avid Bioservices  CDMO.O  fall ~13% to $13.49 in after-market
trade
    ** Co forecasts fiscal year 2024 revenue of between $145 mln
and $165 mln, below Refinitiv estimates of $181.3 mln
    ** Acknowledge today's challenging macro-economic conditions
and their impact on the biotech sector - CEO Nick Green says 
    ** As of last close, stock up ~13% this year 

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))