Long Position on CDMO @ $21.25 on 5/4/2021 (Momentum)

Avid Bioservices, Inc. (CDMO), a contract development and manufacturing organization, provides process development and current good manufacturing practices (CGMP) clinical and commercial manufacturing services focused on biopharmaceutical drug substances derived from mammalian cell culture.

It produces monoclonal antibodies and recombinant proteins; and offers services, including CGMP clinical and commercial drug substance manufacturing, purification, bulk packaging, release and stability testing, and regulatory submission and support.

The company also provides various process development services, such as upstream and downstream development and optimization, analytical methods development, testing, and characterization.

It serves biotechnology and pharmaceutical companies. Avid Bioservices, Inc. has a process development and manufacturing agreement with Oragenics, Inc. to develop coronavirus vaccine.

The company was formerly known as Peregrine Pharmaceuticals, Inc. and changed its name to Avid Bioservices, Inc. in January 2018.

This stock has moved 27.3% in the last month and to form a "bullish cup and handle" formation, this combined with its strong technical performance should continue to move shares higher. 

Entry Point: $21.25

Stop Loss: $20.20

Trading Range: $5.08 - $22.14

Target Price: $23.35

Updates

6/3/2021 1:47:19 PM

CDMO closed at $23.77

Position closed on 6/3/2021 at price of $23.77 with a 11.86% gain in 30 days.

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