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Avid Bioservices stock slumps after Q3 results (NASDAQ:CDMO)

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Avid Bioservices (NASDAQ:CDMO), a contract manufacturer for the biopharma industry, lost ~37% premarket Thursday after its preliminary Q3 results for fiscal 2024 fell short of expectations, and the company priced its newly launched convertible debt offering.

Its revenue for the quarter slumped ~11% YoY

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