Peregrine Pharmaceuticals (PPHM) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) from a hold rating to a buy rating in a report issued on Friday morning. Zacks Investment Research currently has $0.75 target price on the biopharmaceutical company’s stock.

According to Zacks, “Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and hepatitis C virus infection. The company is pursuing three separate clinical trials in cancer and HCV infection with its lead product candidate bavituximab and Cotara. Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc., which provides development and bio-manufacturing services for both Peregrine and outside customers. “

Peregrine Pharmaceuticals (NASDAQ:PPHM) traded up 3.7606% during midday trading on Friday, reaching $0.7091. The company had a trading volume of 6,262,799 shares. The stock’s market cap is $192.21 million. The firm has a 50-day moving average of $0.50 and a 200-day moving average of $0.38. Peregrine Pharmaceuticals has a 12 month low of $0.28 and a 12 month high of $0.77.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last posted its earnings results on Monday, March 13th. The biopharmaceutical company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.03) by $0.01. Peregrine Pharmaceuticals had a negative net margin of 80.49% and a negative return on equity of 90.82%. The firm earned $10.75 million during the quarter, compared to analyst estimates of $14.02 million. During the same period in the previous year, the company posted ($0.08) EPS. Peregrine Pharmaceuticals’s revenue for the quarter was up 60.2% compared to the same quarter last year. On average, equities analysts expect that Peregrine Pharmaceuticals will post ($0.12) EPS for the current fiscal year.

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An institutional investor recently raised its position in Peregrine Pharmaceuticals stock. Renaissance Technologies LLC boosted its stake in shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) by 0.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,473,846 shares of the biopharmaceutical company’s stock after buying an additional 11,400 shares during the period. Renaissance Technologies LLC owned approximately 0.96% of Peregrine Pharmaceuticals worth $763,000 at the end of the most recent reporting period. Institutional investors own 12.19% of the company’s stock.

Peregrine Pharmaceuticals Company Profile

Peregrine Pharmaceuticals, Inc (Peregrine) is a biopharmaceutical company. The Company operates through two segments: Peregrine, which is engaged in the research and development of monoclonal antibodies for the treatment of cancer, and Avid, which is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts.

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