Zacks Investment Research lowered shares of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) from a hold rating to a sell rating in a report issued on Wednesday morning.

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. “

A number of other research analysts have also recently issued reports on PPHM. Noble Financial began coverage on shares of Peregrine Pharmaceuticals in a report on Friday, September 29th. They set a buy rating and a $10.00 price objective for the company. BidaskClub upgraded shares of Peregrine Pharmaceuticals from a hold rating to a buy rating in a report on Monday, July 17th. Finally, ValuEngine cut shares of Peregrine Pharmaceuticals from a hold rating to a sell rating in a report on Friday, September 1st.

Shares of Peregrine Pharmaceuticals (PPHM) opened at 3.35 on Wednesday. The firm’s 50-day moving average is $3.16 and its 200 day moving average is $3.96. Peregrine Pharmaceuticals has a 12 month low of $1.96 and a 12 month high of $5.78. The company’s market capitalization is $151.07 million.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last issued its quarterly earnings data on Monday, September 11th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.06. The firm had revenue of $27.08 million during the quarter, compared to analysts’ expectations of $15.22 million. Peregrine Pharmaceuticals had a negative net margin of 23.15% and a negative return on equity of 38.19%. Equities research analysts predict that Peregrine Pharmaceuticals will post ($0.44) EPS for the current year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Ballentine Partners LLC acquired a new position in shares of Peregrine Pharmaceuticals during the second quarter valued at about $113,000. Bank of New York Mellon Corp grew its holdings in shares of Peregrine Pharmaceuticals by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 198,296 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 3,732 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Peregrine Pharmaceuticals by 495.7% during the first quarter. Wells Fargo & Company MN now owns 228,628 shares of the biopharmaceutical company’s stock valued at $149,000 after buying an additional 190,250 shares during the last quarter. KCG Holdings Inc. grew its holdings in shares of Peregrine Pharmaceuticals by 941.5% during the first quarter. KCG Holdings Inc. now owns 238,906 shares of the biopharmaceutical company’s stock valued at $156,000 after buying an additional 215,967 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Peregrine Pharmaceuticals during the first quarter valued at about $210,000.

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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