Stephens lowered the firm’s price target on Avid Bioservices to $12 from $15 and keeps an Overweight rating on the shares. The firm is updating its estimates for Avid’s Q3 pre-release and its convertible notes debt issuance, noting that its revenue and EBITDA estimates are little changed, though the firm’s EPS estimates move lower due to the additional interest expense.
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Read More on CDMO:
- CDMO Upcoming Earnings Report: What to Expect?
- Avid Bioservices Announces Pricing of Private Placement of Convertible Notes
- Avid Bioservices sees Q3 revenue $33.8M, consensus $41.6M
- Avid Bioservices Announces Certain Preliminary Financial Results for Third Quarter Ended January 31, 2024
- Avid Bioservices Announces Proposed Private Placement of Convertible Notes
