Peregrine Pharmaceuticals Inc. (PPHM) Releases Quarterly Earnings Results

Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) announced its quarterly earnings results on Friday, July 14th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.09, Briefing.com reports. Peregrine Pharmaceuticals had a negative net margin of 48.86% and a negative return on equity of 63.75%. The business had revenue of $17.90 million during the quarter, compared to analysts’ expectations of $22.57 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. Peregrine Pharmaceuticals’s revenue for the quarter was down 4.8% on a year-over-year basis.

Peregrine Pharmaceuticals (PPHM) traded down 3.58% on Friday, reaching $3.50. The company had a trading volume of 179,345 shares. The stock has a 50 day moving average price of $4.40 and a 200 day moving average price of $4.03. The stock’s market capitalization is $157.74 million. Peregrine Pharmaceuticals has a 52-week low of $1.96 and a 52-week high of $5.78.

PPHM has been the subject of several research reports. Noble Financial reiterated a “buy” rating on shares of Peregrine Pharmaceuticals in a research note on Monday, July 31st. BidaskClub upgraded Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. ValuEngine lowered Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. Finally, Zacks Investment Research lowered Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $5.25.

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Several institutional investors have recently added to or reduced their stakes in the company. Ballentine Partners LLC purchased a new stake in shares of Peregrine Pharmaceuticals during the second quarter worth about $113,000. Bank of New York Mellon Corp boosted its stake in 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 last quarter. Wells Fargo & Company MN boosted its stake in 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 last quarter. KCG Holdings Inc. boosted its stake in Peregrine Pharmaceuticals by 941.5% in the first quarter. KCG Holdings Inc. now owns 238,906 shares of the biopharmaceutical company’s stock valued at $156,000 after buying an additional 215,967 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in Peregrine Pharmaceuticals during the first quarter valued at $210,000. 86.80% of the stock is owned by institutional investors.

Peregrine Pharmaceuticals Company Profile

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.

Earnings History for Peregrine Pharmaceuticals (NASDAQ:PPHM)

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