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Roth Sees Peregrine Pharma (PPHM) Entering Key Execution Phase; Affirms at 'Buy'


Roth Capital affirms its Buy rating and $5 price target on Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) following recent ASCO presentations.

Analyst Joseph Pantginis commented, Peregrine has generated a large preclinical data set supporting the immune mechanism of action for bavituximab, culminating at the recent ASCO. At this point, we believe the company must now execute on its clinical plans, including recently announced studies and deliver one or more outcomes including, 1) clinical data and/or 2) clinical collaboration/partnership for bavi. The clinical program is supported by randomized Phase II lung cancer data and the ongoing randomized Phase III SUNRISE study.

Peregrine has put together a broad data set supporting the immunotherapy mechanism of action for bavituximab and now has plans in place for expanding clinical programs. At this point, Peregrine must execute on these plans and deliver one or more outcomes including, 1) clinical data and/or 2) clinical collaboration/partnership for bavi. It is only these measures that will impact the shares, in our belief. Regarding the newly announced clinical studies, we now await information as to the scope, design, timing, physician involvement and importantly, availability of combination drug, such as Opdivo.

http://www.streetinsider.com/Analyst+Comments/Roth+Sees+Peregrine+Pharma+(PPHM)+Entering+Key+Execution+Phase%3B+Affirms+at+Buy/10641639.html