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Peregrine Pharmaceuticals (PPHM) Receives Outperform Rating from FBR & Co.
May 20th, 2016 - 0 comments - Filed Under - by Jeff Wilder

Peregrine Pharmaceuticals logoPeregrine Pharmaceuticals (NASDAQ:PPHM)‘s stock had its “outperform” rating restated by equities researchers at FBR & Co. in a report released on Friday. They currently have a $1.00 price target on the biopharmaceutical company’s stock. FBR & Co.’s price objective suggests a potential upside of 156.34% from the company’s previous close.

Peregrine Pharmaceuticals (NASDAQ:PPHM) traded up 2.6579% on Friday, hitting $0.3901. 1,267,294 shares of the stock were exchanged. The company’s market cap is $91.18 million. The company’s 50 day moving average price is $0.38 and its 200-day moving average price is $0.79. Peregrine Pharmaceuticals has a one year low of $0.29 and a one year high of $1.50.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last announced its earnings results on Wednesday, March 9th. The biopharmaceutical company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by $0.01. The company earned $6.71 million during the quarter, compared to the consensus estimate of $7.96 million. During the same quarter last year, the firm posted ($0.08) EPS. Peregrine Pharmaceuticals’s quarterly revenue was up 18.2% compared to the same quarter last year. Equities research analysts predict that Peregrine Pharmaceuticals will post ($0.26) EPS for the current fiscal year.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research lowered Peregrine Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, March 8th. Roth Capital lowered Peregrine Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their target price for the company from $3.00 to $0.50 in a research report on Friday, February 26th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $2.10.

A number of hedge funds and institutional investors have recently made changes to their positions in PPHM. State Street Corp raised its position in shares of Peregrine Pharmaceuticals by 4.4% in the first quarter. State Street Corp now owns 2,546,696 shares of the biopharmaceutical company’s stock valued at $1,070,000 after buying an additional 106,627 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Peregrine Pharmaceuticals by 14.9% in the first quarter. Geode Capital Management LLC now owns 1,394,436 shares of the biopharmaceutical company’s stock valued at $586,000 after buying an additional 180,349 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Peregrine Pharmaceuticals by 3.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,001,322 shares of the biopharmaceutical company’s stock valued at $2,524,000 after buying an additional 220,449 shares during the period. BlackRock Fund Advisors increased its stake in shares of Peregrine Pharmaceuticals by 11.0% in the first quarter. BlackRock Fund Advisors now owns 5,860,146 shares of the biopharmaceutical company’s stock valued at $2,464,000 after buying an additional 580,328 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Peregrine Pharmaceuticals by 173.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,009,400 shares of the biopharmaceutical company’s stock valued at $424,000 after buying an additional 640,570 shares during the period.

Peregrine Pharmaceuticals, Inc is a biopharmaceutical company with a portfolio of monoclonal antibodies in clinical trials for the treatment and diagnosis of cancer. The Company has two platforms and is pursuing multiple clinical programs in cancer with its lead immunotherapy candidate bavituximab, its phosphatidylserine (NASDAQ:PPHM) targeting agent, PGN65, and its brain cancer therapy Cotara.