Avid Bioservices price target lowered to $7 from $15 at RBC Capital

RBC Capital analyst Sean Dodge lowered the firm’s price target on Avid Bioservices to $7 from $15 but keeps an Outperform rating on the shares after its Q2 earnings miss. Much of the miss was driven by one-time items, though Avid also lowered its FY24 revenue guidance by 8% at the midpoints as the overall demand backdrop remains challenging, the analyst tells investors in a research note. RBC adds however that despite the revision, the company also shared some encouraging signs of growth, including a late-stage product receiving FDA approval and a slight uptick in early-stage demand.