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FWIW Department:
The 100 day simple moving average has crossed the 200 day moving average on the daily chart. The last time this occurred was in early April 2009 when the share price exploded from around $1.90 to more than $5.50.
I hesitate to post this because if the markets crash today, don't be surprised to see $3.60 real quick (the 50 day simple moving average).
The 100 day simple moving average is $3.35.
Thought this might create a context for the price movements in these volatile markets for those of you who don't follow charting or technical analysis.
Sean
Selling pressure continues. Chance for a bounce soon. (I hope so; not being able to remain above $3.70 for any length of time is not good.) Since losing the 20DMA ($3.91), PPHM's been very weak. 50DMA may beckon ($3.52) if we lose $3.65 (especially if there's another leg down to this market sell-off).
Always, JMO.
This is the delayed 5-10% consolidation I mentioned last week as a possibility; it just came at higher levels.
This is very healthy. It may last till the 3.70-3.75 area. Golden cross still holds on the daily, and another is approaching on the weekly chart. If both occur and are in play, I would definitely want to own PPHM.
Just one man's opinion -- and you know what they say about those.
Sean
Look at those MMs running stops.
TechTrader.com features PPHM (among a few others). Immediate target: $4.75; longer range target: $5.50
http://www.slopeofhope.com/
(see April 20th 7:04pm
KT, all that you say might be true. As you know, TA is more art than science. That being said, looking at certain technical indicators, I still wouldn't rule out a pullback -- especially given the fact that the entire market is overbought.
Sean
Thales, "consolidation" means a healthy pullback; stocks that go parabolic are usually short-lived artificial advances. Massive spike and a massive retrace back to near where they started to breakout. Stocks that move forward, pullback for let's say 5%, actually gather steam for the next push.
PPHM has busted through an upper trend line that dates back to June of 2009. If it closes at these levels, a very good technical sign. Traders may also soon notice the developing possible "Golden Cross" (the 50 MA crosses the 200 MA) on the Weekly chart.
Several indicators on the daily chart are flashing overbought signals, so don't be surprised at some consolidation soon.
Sean
Moby, if you would, take a look at a four or five year chart. I know it would be sloppy, but is that a possible cup&handle formation?
I know that there are some who do not believe that technical analysis applies to a stock like PPHM. But looking at the 1 year chart it is interesting that $2.60 was the price that filled a "gap" dating from May 26th. PPHM returned to fill that gap on November 30th. Since then, we've been consolidating for a month around that price (though not without brief scares) before the "takeoff" on December 31. Gap fills and consolidation patterns to technical chartists are very healthy developments.
Also, since November 30, we've been clinging to the underbelly of an up trend line that dates back to November 2008. I've been holding my breath because the next stop looked like about $2.25 unless we regained a position above that trend line. Thursday's rally on heavy volume pushed us firmly above it.
The chart picture looks much better.
Most volume since October 27, and the day isn't over.
Jake, these are technical indicators. I'm only relaying what they relate. I don't think charts distinguish among who's selling.
Everything is broken on the daily charts (except for one last potential positive chart pattern which I'm watching -- rather forlornly). There remains one very thin piece of good news. On the weekly charts, the up sloping RSI (Relative Strength Index) has still not broken, but it's teetering), and the MFI (Money Flow Index) still is in an uptrend as well. We're also, by ANY historical reckoning of the past year, severely oversold. I'm almost afraid to post the last two sentences lest it's noticed by the seller(s) and they'll break them as well.
If we close north of $2.60, it MAY have been the washout. I still think $2.50 will be tested.
Up sloping trend line going back to December 2008 broken under $2.60.
Abe, that's your second political remark of the day (FOX vs. MSNBC CNN bias). The first one about Palin. Keep your stinking political opinions to yourself -- and I suggest unless the moderators wnat mayhem on this board that they begin to eliminate this crap.
I'd be delighted if they would sell for the poison pill number (now $55)
Are we certain that the poison pill number was raised with the stock split? Is that automatic?
No, Bob, it's much more than that. Several months ago my shares were worth more than $40K. Those same shares, after the split and subsequent tailspin, are now worth about half that -- and dropping like a stone. I think angst is warranted.
If the science hits, we have a home run.
lafont, at one time I believed this. But it's simply not my experience. I've posted about this before, so I won't bore you with the details.
I think entdoc may be on to something about patents. An IBM corporate lawyer who's a good friend will not invest in the company (even though he likes the science story) because he thinks that PPHM is a sitting duck. Fighting patent infringements takes a lot of money -- money PPHM doesn't have. Litigation could kill us -- and big pharma would be around to pick up the pieces.
Most disconcerting this past week is the sheer lack of volume. There has been relentless selling pressure all week on low volume. It is not conspiratorial to consider that there's a game afoot -- and the game is fixed. The past several years should have taught us that markets are neither efficient nor free nor just. The market is a Darwinian creature -- survival of the fittest. The fittest of companies are those whose management, first and foremost, can take an idea/product and execute profit from it efficiently. PPHM is in danger of being eaten alive by those higher in the market's evolutionary food chain. No matter how I wish to avoid facing it, time is running out on management's credibility to deliver.
$2.50 is my line in the sand. Below that, and this shareholder of 10 years will need to lick his wounds and find greener pastures.
Ken, a blessed Thanksgiving to you and yours!
Sean
Wildhorses, honest inquiry: what would be the motive for the MMs to keep dropping this at the open and then keeping the piddly crap volume at 100 and 200 share transactions?
Geo, my fear is that someone wants this to tank -- as pressure on management? They CAN do it on low volume unless someone steps in and starts buying. Bottom Bollinger Band is $2.73. Below $2.50 and we're in a free fall. The IBT (bioteck ETF) has repaired a bit lately while PPHM has been tanking. A wee bit uncomfortable.
Sean
I would think, if they were selling shelf shares, that they would do it with greater volume. This is chump change.
@ $2.85 on the Weekly Chart and @ $2.83 on the Daily Chart are important retracement levels. Should they hold, it could well be an excellent buying opportunity.
$2.87 = 50 SMA on the Weekly.
The entire biotech sector is weak -- and weakening. One cannot rule out the possibility that the Market might want to defeat the looming "health care reform" by a true crash. I say that because there is a complex pattern playing out on the BTK (biotech index) that's a bit daunting. The entire sector could literally swoosh -- and PPHM ain't gonna be immune (short of a buyout). JMO.
$2.83 area is crucial support. It's an area where a support trend line from the year ago lows and an important fibonacci retracement level meet.
Anyone know what happened to Volgoat?
Someone's trying very hard to ambush and break the 2.76 support. I wish Volgoat was around -- he knows a helluva lot more about this than most.
Technically, there's been damage done to the PPHM chart. $2.76 is critical to hold -- it's the Weekly 50 SMA line of support going back to the company going public. Also, it sits precariously on a 2 yr RSI (Relative Strength) upward trend line of support.
The only "good" (very relative term here) news is that the awful sell-off of the past few days is coming with relatively lighter volume.
Sean
FWIW: Interesting RSI divergence on the 10 year weekly chart
http://screencast.com/t/DLFEymaM8om
Sean
Moby, I guess when it comes to anything regarding PPHM, nothing is obvious. I was intrigued by your comment this morning on the PPHM board that you doubted present shareholders would be the real beneficiaries of the looming PPHM success. Would you elaborate -- or does it have to do with the R/S?
Sean
Hi Ken, you and your board posters are princes of civility. Thank you for offering all the opportunity.
dia, just for the record, I am not bashing PPHM. I would not post the question to Precious on the PPHM board precisely because of the constant negativity over there -- and the understandable reaction of PPHM supporters who are understandably testy about questions being raised about the company (that's the usual strategy that bashers employ to begin their diatribe). However, it is important that legitimate questions be raised.
I cannot understand why "realist" is permitted his destructive pursuits on the PPHM board. His agenda is obvious -- and it ain't a good one.
By the way, I do not consider lemmy a basher in the usual sense. I believe he's one of the investors who have suffered more than 10 years from past management's incompetence and hubris and will not permit himself to be setup again for more disappointment.
Sean
Thanks, Precious, for your response concerning PPHM and the possible reverse split. Personally, I don't see the need for it. Let PPHM go the BBs -- if the science is there (and I think it is), it'll make absolutely no difference.
I think management's performance has improved. However, for the life of me, I cannot figure out why they cannot make a deal with a BP for cotara to alleviate the present financial constraints.
Sean
Precious, are you at all concerned about the pending reverse split? It seems inevitable at this point.
Sean
Swine flu: are we being told the truth? Just sayin.....
http://tinyurl.com/nzmca6
Data at Today's Conference:
Data Presented at Society of Nuclear Medicine 2009 Annual Meeting Supports Potential of Peregrine's Cotara(R) for the Treatment of Brain Cancer 06/16 09:30 AM
- Dosimetry Study Results Show Greater Than 300-Fold More Radiation Delivered to Tumor as Compared to Other Normal Organs -
- All Patients in the First Two Cohorts Have Met or Exceeded the Expected Median Survival Time for Recurrent GBM Patients -
TORONTO and TUSTIN, Calif., June 16 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (PPHM:$0.9889,$0.0889,9.88%) today reported that researchers will present data at the SNM 2009 Annual Meeting showing that its brain cancer agent Cotara(R) specifically localizes to brain tumors at high concentrations with minimal radiation exposure to other organs. Cotara is a targeted monoclonal antibody linked to a radioisotope being developed as a potential new treatment for glioblastoma multiforme (GBM), a deadly form of brain cancer. The results reported today from an ongoing dosimetry study at U.S. brain cancer centers show that in patients dosed in the first two cohorts of the study, the concentration of Cotara in brain tumors was on average more than 300-fold higher than in other normal organs. In addition, these patients have all either met or exceeded the expected median survival time of six months for recurrent GBM patients. Cotara is currently being tested in this Phase I dose response and dosimetry trial and in a Phase II clinical trial in recurrent GBM patients.
Cotara specifically targets cells at the center of brain tumors, so its radioactive payload is able to kill cancer cells while leaving healthy tissue largely unaffected. In this study, lead author Sui Shen, Ph.D., associate professor of radiation oncology at the University of Alabama at Birmingham, and his colleagues assessed the concentration of Cotara in GBM patients' tumors and in their healthy brain tissue, as well as in their thyroid, stomach, heart and bone marrow. He found that Cotara was concentrated in the brain tumor with minimal exposure to the contralateral healthy brain. The thyroid, which can have active uptake of radioiodine, showed only minimal uptake of Cotara. Similarly, uptake of Cotara was very low in the stomach, heart and bone marrow, important potential sites for radiation toxicity. On average, the tumor received more than 300 times the dose of radiation compared to these normal organs.
"These findings confirming Cotara's potential to target its radioactive payload to brain tumors while minimizing radiation exposure to healthy organs, including the thyroid, are very encouraging," said Dr. Shen. "With a mean dose ratio showing 300-fold greater delivery of radiation to the tumor as compared to other organs, Cotara represents a potentially valuable new therapy for GBM patients."
The main objectives of the open label dosing and dosimetry study are to confirm the maximum tolerated dose of Cotara, to determine radiation dosimetry and to assess overall patient survival, progression free survival and the proportion of patients alive at six months following Cotara administration. In this study and in the ongoing Phase II trial, Cotara is delivered using convection-enhanced delivery (CED), a method developed by the U.S. National Institutes of Health that targets the specific tumor site in the brain. The final planned patient in the dosimetry study is currently being enrolled.
"These positive data analyzed by a leading dosimetry expert validate a key principle underlying the Cotara program, confirming its ability to specifically concentrate in and deliver a high radiation dose to brain tumors," said Joseph Shan, vice president of clinical and regulatory affairs at Peregrine. "In this trial and in our other Cotara clinical trials, Cotara has been well tolerated, and we continue to see longer- term survivors among the treated patients. We are very pleased to have the opportunity to share this promising data from our current U.S.
Cotara clinical trial with experts at this prestigious conference, and we look forward to reporting further data from this study and from our Phase II trial in patients with recurrent GBM."
More than 65 patients with recurrent GBM have received Cotara in the current and previous clinical studies. Localization and accumulation of the drug to the tumor have been excellent and longer-term survivors (greater than one year from the time of Cotara treatment) have been observed in all of the trials, with some GBM patients from early clinical studies now alive more than 8.5 years after treatment with Cotara. Expected survival for patients with GBM is approximately six months from the time of disease recurrence.
THREES, have your friend contact her Congressman/woman. Ask that he/she put a phone call into the company. With PPHM awaiting possible government stockpiling contracts, they may respond to such a request. Nothing ventured.....
Prayers for your friend.
Sean
P.S. I know someone who went this route with a Novartis drug -- and the congressional intervention was successful geting them to administer the drug to the person.
Not a chance this was merely Cotara driven. This was a great week -- and the finish was technically very strong.
lemmy, it closed almost 6% above its 200MA.