Peregrine Pharmaceuticals (PPHM) Downgraded to “Sell” at ValuEngine

ValuEngine downgraded shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) from a hold rating to a sell rating in a research note published on Friday morning.

Other research analysts have also issued reports about the stock. Noble Financial started coverage on shares of Peregrine Pharmaceuticals in a report on Friday, September 29th. They set a buy rating and a $10.00 price objective on the stock. Zacks Investment Research upgraded shares of Peregrine Pharmaceuticals from a sell rating to a hold rating in a report on Wednesday, September 13th.

Shares of Peregrine Pharmaceuticals (NASDAQ PPHM) traded down $0.06 during mid-day trading on Friday, hitting $5.14. 117,100 shares of the stock traded hands, compared to its average volume of 310,554. Peregrine Pharmaceuticals has a 1-year low of $1.96 and a 1-year high of $5.78.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last announced its quarterly earnings data on Monday, September 11th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.06. The business had revenue of $27.08 million for the quarter, compared to analyst estimates of $15.22 million. Peregrine Pharmaceuticals had a negative net margin of 23.15% and a negative return on equity of 38.19%. research analysts anticipate that Peregrine Pharmaceuticals will post -0.43 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in Peregrine Pharmaceuticals by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 198,296 shares of the biopharmaceutical company’s stock worth $129,000 after purchasing an additional 3,732 shares in the last quarter. Ballentine Partners LLC acquired a new stake in Peregrine Pharmaceuticals during the 2nd quarter worth approximately $113,000. Northern Trust Corp increased its position in Peregrine Pharmaceuticals by 9.3% during the 2nd quarter. Northern Trust Corp now owns 454,451 shares of the biopharmaceutical company’s stock worth $276,000 after purchasing an additional 38,604 shares in the last quarter. JPMorgan Chase & Co. increased its position in Peregrine Pharmaceuticals by 140.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 72,069 shares of the biopharmaceutical company’s stock worth $224,000 after purchasing an additional 42,069 shares in the last quarter. Finally, OxFORD Asset Management LLP acquired a new stake in Peregrine Pharmaceuticals during the 3rd quarter worth approximately $231,000. Institutional investors and hedge funds own 18.88% of the company’s stock.

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About Peregrine Pharmaceuticals

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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