Avid Bioservices Inc (CDMO)

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Roth raises Peregrine price target to $4


January 14, 2013 by stephenkilmer · Leave a Comment



Roth Capital Partners has raised its price target on “buy-rated” Peregrine Pharmaceuticals (NASDAQ:PPHM) to $4 from $2.70, saying it believes the bavituximab program in lung cancer is back on track, which should result in multiple stock driving catalysts in 2013. The stock closed at $2.10 on Friday.

With the important analyses almost completed in a Phase 2b study, analyst Joseph Pantginis writes that he believes the 3 mg/kg arm conferred an “impressive survival benefit for this patient population.” In meeting with senior management of Peregrine, he said the next steps in the program are “in line with what the company was expecting to do (with minor changes) prior to the identification of the study’s coding errors.”

Peregrine is expected to meet with the FDA and other regulatory agencies in coming months to discuss a pivotal Phase 3 program, which he expects will be similar in design to the Phase 2b study.

“We also believe that partnering discussions around bavituximab have seen a new found life and the company continues deep in talks to discuss all the new answers and potential plans forward,” he said. He figures that management’s goal is to have a partner in hand prior to the start of a Phase 3 study before the end of 2013.

“We believe Peregrine is taking important steps forward with the bavituximab program and while much remains to be done, in our belief, we believe the new visibility and upcoming catalysts should drive the stock in 2013,” he added.

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