Avid Bioservices downgraded to Hold from Buy at Craig-Hallum

Craig-Hallum downgraded Avid Bioservices (CDMO) to Hold from Buy with a price target of $12.50, down from $16, after the company said it was getting acquired by GHO Capital and Ampersand Capital. The firm says it has been its expectation since day one that this would ultimately be the outcome, but in all fairness, Craig-Hallum thought it would be a couple of years from now and at a higher price.