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

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. “

Other research analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Monday, July 17th. Noble Financial reiterated a “buy” rating on shares of Peregrine Pharmaceuticals in a research note on Monday, July 31st. Finally, ValuEngine lowered Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, September 1st.

Peregrine Pharmaceuticals (NASDAQ PPHM) opened at 3.11 on Wednesday. The firm’s 50 day moving average price is $3.15 and its 200 day moving average price is $3.98. The stock’s market cap is $140.25 million. Peregrine Pharmaceuticals has a 12 month low of $1.97 and a 12 month high of $5.78.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last posted its quarterly earnings data on Monday, September 11th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.06. The business had revenue of $27.08 million for the quarter, compared to analyst estimates of $15.22 million. Peregrine Pharmaceuticals had a negative return on equity of 38.19% and a negative net margin of 23.15%. On average, equities research analysts predict that Peregrine Pharmaceuticals will post ($0.44) EPS for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in the company. Bandera Partners LLC acquired a new stake in shares of Peregrine Pharmaceuticals during the second quarter worth $864,000. Vanguard Group Inc. boosted its holdings in shares of Peregrine Pharmaceuticals by 16.6% in the second quarter. Vanguard Group Inc. now owns 7,208,139 shares of the biopharmaceutical company’s stock valued at $4,382,000 after acquiring an additional 1,027,515 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Peregrine Pharmaceuticals by 9.3% in the second quarter. Northern Trust Corp now owns 454,451 shares of the biopharmaceutical company’s stock valued at $276,000 after acquiring an additional 38,604 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Peregrine Pharmaceuticals by 48.0% in the second quarter. Wells Fargo & Company MN now owns 338,378 shares of the biopharmaceutical company’s stock valued at $206,000 after acquiring an additional 109,750 shares in the last quarter. Finally, Kennedy Capital Management Inc. boosted its holdings in shares of 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 valued at $5,933,000 after acquiring an additional 1,028,067 shares in the last quarter.

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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