Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) Receives Average Recommendation of “Hold” from Brokerages
Shares of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) have been given a consensus recommendation of “Hold” by the six analysts that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $5.25.
Several brokerages recently issued reports on PPHM. BidaskClub raised Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Monday, July 17th. ValuEngine cut Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, June 9th. Zacks Investment Research cut Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Finally, Noble Financial reaffirmed a “buy” rating on shares of Peregrine Pharmaceuticals in a report on Monday, July 31st.
Peregrine Pharmaceuticals (PPHM) opened at 3.63 on Friday. The firm’s market capitalization is $163.60 million. Peregrine Pharmaceuticals has a 1-year low of $1.96 and a 1-year high of $5.78. The company has a 50-day moving average price of $4.40 and a 200 day moving average price of $4.03.
Peregrine Pharmaceuticals (NASDAQ:PPHM) last issued its quarterly earnings data on Friday, July 14th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by $0.09. The firm had revenue of $17.90 million for the quarter, compared to analyst estimates of $22.57 million. Peregrine Pharmaceuticals had a negative return on equity of 63.75% and a negative net margin of 48.86%. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) earnings per share. Analysts expect that Peregrine Pharmaceuticals will post ($0.40) earnings per share for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in PPHM. Kennedy Capital Management Inc. boosted its position in Peregrine Pharmaceuticals by 11.8% in the second quarter. Kennedy Capital Management Inc. now owns 9,758,459 shares of the biopharmaceutical company’s stock worth $5,933,000 after buying an additional 1,028,067 shares during the period. Renaissance Technologies LLC boosted its position in Peregrine Pharmaceuticals by 24.4% in the first quarter. Renaissance Technologies LLC now owns 3,077,652 shares of the biopharmaceutical company’s stock worth $2,013,000 after buying an additional 603,806 shares during the period. Geode Capital Management LLC boosted its position in Peregrine Pharmaceuticals by 31.6% in the first quarter. Geode Capital Management LLC now owns 1,437,491 shares of the biopharmaceutical company’s stock worth $940,000 after buying an additional 344,811 shares during the period. Eqis Capital Management Inc. boosted its position in Peregrine Pharmaceuticals by 1.0% in the second quarter. Eqis Capital Management Inc. now owns 1,052,770 shares of the biopharmaceutical company’s stock worth $642,000 after buying an additional 10,398 shares during the period. Finally, Acadian Asset Management LLC bought a new position in Peregrine Pharmaceuticals during the first quarter worth $473,000. 86.80% 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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