Why Avid Bioservices Stock Is Surging Today
Shares of the contract development and manufacturing organization Avid Bioservices (NASDAQ: CDMO) were up by a healthy 34% on heavy volume as of 11 a.m. ET Tuesday. The biotech's stock is marching northward today in response to its fiscal 2023 third-quarter earnings report released yesterday afternoon.
Avid modestly topped Wall Street's consensus top- and bottom-line estimates for the three-month period. However, the real needle-moving event appears to be the steady progress in the company's ongoing expansion efforts.
Before the end of September, Avid expects to have a total of three major expansion projects completed:
Source Fool.com
