Zacks Investment Research lowered shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) from a hold rating to a sell rating in a report published on Saturday 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. “

Several other brokerages also recently commented on PPHM. Noble Financial initiated coverage on Peregrine Pharmaceuticals in a research report on Friday, September 29th. They issued a buy rating and a $10.00 price target on the stock. ValuEngine downgraded Peregrine Pharmaceuticals from a hold rating to a sell rating in a research report on Friday, December 1st.

Peregrine Pharmaceuticals (PPHM) opened at $3.85 on Friday. Peregrine Pharmaceuticals has a 1 year low of $1.96 and a 1 year high of $5.78.

Hedge funds and other institutional investors have recently modified their holdings of the business. Ballentine Partners LLC bought a new position in Peregrine Pharmaceuticals in the 2nd quarter worth approximately $113,000. Vanguard Group Inc. increased its position in shares of Peregrine Pharmaceuticals by 16.6% during the second quarter. Vanguard Group Inc. now owns 7,208,139 shares of the biopharmaceutical company’s stock valued at $4,382,000 after purchasing an additional 1,027,515 shares during the period. Wells Fargo & Company MN increased its position in shares of Peregrine Pharmaceuticals by 48.0% during the second quarter. Wells Fargo & Company MN now owns 338,378 shares of the biopharmaceutical company’s stock valued at $206,000 after purchasing an additional 109,750 shares during the period. Kennedy Capital Management Inc. increased its position in shares of Peregrine Pharmaceuticals by 11.8% during the second quarter. Kennedy Capital Management Inc. now owns 9,758,459 shares of the biopharmaceutical company’s stock valued at $5,933,000 after purchasing an additional 1,028,067 shares during the period. Finally, Bandera Partners LLC bought a new stake in shares of Peregrine Pharmaceuticals during the second quarter valued at approximately $864,000. 18.69% of the stock is currently owned by institutional investors.

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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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