Peregrine Pharmaceuticals Inc. (PPHM) Upgraded by Zacks Investment Research to Hold
Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Saturday.
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 equities research analysts have also weighed in on PPHM. Noble Financial reissued a “buy” rating on shares of Peregrine Pharmaceuticals in a report on Monday, July 31st. ValuEngine lowered 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 $4.37 on Friday. Peregrine Pharmaceuticals has a 1-year low of $1.96 and a 1-year high of $5.78.
Peregrine Pharmaceuticals (NASDAQ:PPHM) last posted its earnings results on Monday, September 11th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.06. Peregrine Pharmaceuticals had a negative net margin of 23.15% and a negative return on equity of 38.19%. The firm had revenue of $27.08 million for the quarter, compared to analyst estimates of $15.22 million. research analysts predict that Peregrine Pharmaceuticals will post -0.43 earnings per share for the current year.
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Institutional investors and hedge funds have recently bought and sold shares of the business. Ballentine Partners LLC bought a new stake in Peregrine Pharmaceuticals during the 2nd quarter worth approximately $113,000. Bank of New York Mellon Corp grew its holdings 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 acquiring an additional 3,732 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Peregrine Pharmaceuticals by 495.7% during the 1st quarter. Wells Fargo & Company MN now owns 228,628 shares of the biopharmaceutical company’s stock worth $149,000 after acquiring an additional 190,250 shares during the last quarter. KCG Holdings Inc. boosted its stake in shares of Peregrine Pharmaceuticals by 941.5% in the 1st quarter. KCG Holdings Inc. now owns 238,906 shares of the biopharmaceutical company’s stock valued at $156,000 after purchasing an additional 215,967 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Peregrine Pharmaceuticals by 140.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 72,069 shares of the biopharmaceutical company’s stock valued at $224,000 after purchasing an additional 42,069 shares during the last quarter. 99.73% of the stock is currently owned by hedge funds and other institutional investors.
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.
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