Peregrine Pharmaceuticals (PPHM) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) from a hold rating to a sell rating in a research report report published on Saturday morning.

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. “

Several other research analysts have also issued reports on PPHM. ValuEngine lowered shares of Peregrine Pharmaceuticals from a hold rating to a sell rating in a research note on Friday, September 1st. Noble Financial initiated coverage on shares of Peregrine Pharmaceuticals in a research note on Friday, September 29th. They issued a buy rating and a $10.00 target price on the stock.

Peregrine Pharmaceuticals (PPHM) opened at $4.02 on Friday. Peregrine Pharmaceuticals has a one year low of $1.96 and a one year high of $5.78.

Several large investors have recently made changes to their positions in PPHM. Geode Capital Management LLC raised its position in shares of Peregrine Pharmaceuticals by 31.6% in the 1st quarter. Geode Capital Management LLC now owns 1,437,491 shares of the biopharmaceutical company’s stock valued at $940,000 after acquiring an additional 344,811 shares during the period. Renaissance Technologies LLC raised its position in shares of Peregrine Pharmaceuticals by 24.4% in the 1st quarter. Renaissance Technologies LLC now owns 3,077,652 shares of the biopharmaceutical company’s stock valued at $2,013,000 after acquiring an additional 603,806 shares during the period. Ballentine Partners LLC acquired a new stake in shares of Peregrine Pharmaceuticals in the 2nd quarter valued at approximately $113,000. Kennedy Capital Management Inc. raised its position in shares of Peregrine Pharmaceuticals by 11.8% in the 2nd 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 during the period. Finally, Wells Fargo & Company MN raised its position in shares of Peregrine Pharmaceuticals by 48.0% in the 2nd 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 during the period. Institutional investors and hedge funds own 18.88% of the company’s stock.

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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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