Avid Bioservices shares are trading lower after the company reported worse-than-expected Q2 financial results and lowered FY24 revenue guidance below estimates.
Portfolio Pulse from Benzinga Newsdesk
Avid Bioservices shares have declined following the announcement of disappointing Q2 financial results and a reduction in the revenue guidance for FY24, which fell below analyst estimates.
December 08, 2023 | 1:59 pm
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Avid Bioservices, trading under the symbol CDMO, saw its stock price fall after announcing Q2 financial results that did not meet expectations and reducing its revenue outlook for FY24 below analyst projections.
The negative reaction in Avid Bioservices' stock price is directly tied to the company's financial performance falling short of expectations and the subsequent lowering of revenue guidance for the upcoming fiscal year. This typically results in a loss of investor confidence and a bearish outlook for the stock in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100