Small Cap Losers: HGEN, CVGW, CDMO
2:54 pm Thursday, September 09th, 2021
Humanigen Inc (NASDAQ: HGEN) the FDA declined co’s request for emergency use authorization of lenzilumab to treat newly hospitalized COVID-19 patients; the FDA was unable to conclude that lenziluamb’s known and potential benefits outweigh its known and potential risks as a COVID-19 treatment. Co expects the ongoing ACTIV-5/BET-B trial to provide additional data that may support its efforts to obtain an EUA, and co remains committed to completing regulatory processes underway seeking authorization in the UK and other territories. Downgraded at JPMorgan and at Credit Suisse. At 52-week lows.
Calavo Growers, Inc. (NASDAQ: CVGW) reported upside Q3 results. Results were adversely impacted by inflationary pressures on labor, raw materials, and freight and delayed summer avocado crops coming from California and Mexico, impacting margins and profitability. Co states that it is difficult to predict the degree to which its pricing initiatives will offset those industry-wide pressures; given the evolving dynamic, co refrained from providing guidance. Also announced the retirement of James Gibson as CEO. At multi-year lows.
Avid Bioservices Inc (NASDAQ: CDMO) reported Q1 results; revs increased +21% yr/yr to $30.8 mln, and revenue backlog increased +83% yr/yr to $110 mln. Co believes that it is on track to achieve FY22 revs guidance for growth of +20-22% yr/yr; it is “keenly aware” that uncertainty remains in the supply market, and it notes that increased hiring in coming months may impact future margins.
