Avid Bioservices Inc (CDMO)

[hutschi]

BUZZ-PEREGRINE PHARMACEUTICALS INC: NEARS 1-1/2-YR HIGH
RTRS
13/07/2017 8:11 PM

** Drug developer's shares PPHM.O up as much as 14.8 pct at $5.50, highest since February 2016

** Activist investors Ronin Trading LLC and SW Investment Management LLC nominate Gregory Sargen, Brian Scanlan and Saiid Zarrabian for election to PPHM's board (Full Story)

** More than 1.2 mln shares traded, 5.3x 25-day moving avg; Stock's busiest day in nearly six months

** "We are extremely concerned by Peregrine's current strategy, the continuous dilution of stockholders and the company's exceptionally weak corporate governance" - Ronan and SW

** Ronin and SW collectively own about 8.8 pct of PPHM's outstanding shares, making them its second largest stockholder

** Peregrine, which issued a reverse stock split earlier this month, had 42.5 mln shares outstanding as of July 12 - TR data (Full Story)

** Up to Wednesday's close, PPHM stock more than doubled but since the company reported Q3 results on March 13, stock is down 10 pct


((RM: [e-mail]))

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