Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.

According to Zacks, “Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and hepatitis C virus infection. The company is pursuing three separate clinical trials in cancer and HCV infection with its lead product candidate bavituximab and Cotara. Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc., which provides development and bio-manufacturing services for both Peregrine and outside customers. “

PPHM has been the subject of a number of other research reports. Noble Financial reissued a “buy” rating on shares of Peregrine Pharmaceuticals in a report on Thursday, April 6th. ValuEngine cut shares of Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, June 9th. Finally, BidaskClub raised shares of Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Monday, July 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $5.25.

Peregrine Pharmaceuticals (PPHM) traded down 11.88% during trading on Friday, hitting $4.60. 482,410 shares of the stock were exchanged. Peregrine Pharmaceuticals has a 52 week low of $1.96 and a 52 week high of $5.78. The stock’s market capitalization is $207.32 million. The firm has a 50-day moving average of $4.33 and a 200-day moving average of $3.83.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last announced its earnings results on Friday, July 14th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.09. The business had revenue of $17.90 million during the quarter, compared to the consensus estimate of $22.57 million. Peregrine Pharmaceuticals had a negative net margin of 48.86% and a negative return on equity of 63.75%. The company’s revenue was down 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) EPS. Equities research analysts anticipate that Peregrine Pharmaceuticals will post ($0.35) earnings per share for the current fiscal year.

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Several hedge funds have recently made changes to their positions in PPHM. Renaissance Technologies LLC increased its stake in shares of Peregrine Pharmaceuticals by 0.5% in the fourth quarter. Renaissance Technologies LLC now owns 2,473,846 shares of the biopharmaceutical company’s stock valued at $763,000 after buying an additional 11,400 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Peregrine Pharmaceuticals during the first quarter valued at approximately $473,000. Russell Investments Group Ltd. bought a new stake in shares of Peregrine Pharmaceuticals during the first quarter valued at approximately $210,000. Wells Fargo & Company MN increased its stake in shares of Peregrine Pharmaceuticals by 495.7% in the first quarter. Wells Fargo & Company MN now owns 228,628 shares of the biopharmaceutical company’s stock valued at $149,000 after buying an additional 190,250 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Peregrine Pharmaceuticals by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 198,296 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 3,732 shares during the period. 13.49% of the stock is owned by institutional investors.

About Peregrine Pharmaceuticals

Peregrine Pharmaceuticals, Inc (Peregrine) is a biopharmaceutical company. The Company operates through two segments: Peregrine, which is engaged in the research and development of monoclonal antibodies for the treatment of cancer, and Avid, which is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts.

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