Why Avid Bioservices Stock Was Plummeting This Week
Avid Bioservices (NASDAQ: CDMO) hasn't been a very lively investment in recent days. According to data compiled by S&P Global Market Intelligence, the specialty healthcare company's stock was down 17% week to date as of early Friday morning. Uninspiring quarterly results combined with analyst price cuts to pull the stock earthward.
Avid Bioservices, a contract developer and manufacturer of biologics, released its fiscal 2023 fourth-quarter results after market hours on Wednesday. It probably wishes it hadn't.
This, despite the fact the healthcare company posted record quarterly revenue of $39.8 million for the period, which ended April 30. That was up from $31.2 million in the same quarter of the previous fiscal year, and beat the average analyst estimate of $38.9 million.
Source Fool.com
