Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) Rating Reiterated by Noble Financial

Noble Financial reissued their buy rating on shares of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) in a report released on Monday, July 31st.

Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered Peregrine Pharmaceuticals from a hold rating to a sell rating in a report on Friday, July 21st. ValuEngine lowered Peregrine Pharmaceuticals from a hold rating to a sell rating in a report on Friday, June 9th. Finally, BidaskClub raised Peregrine Pharmaceuticals from a hold rating to a buy rating in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Peregrine Pharmaceuticals presently has an average rating of Hold and an average target price of $5.25.

Shares of Peregrine Pharmaceuticals (NASDAQ PPHM) opened at 3.23 on Monday. Peregrine Pharmaceuticals has a 52-week low of $1.97 and a 52-week high of $5.78. The stock’s market capitalization is $145.57 million. The company’s 50 day moving average price is $4.28 and its 200 day moving average price is $1.53.

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 analysts’ expectations 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 previous year, the business posted ($0.05) EPS. On average, equities research analysts anticipate that Peregrine Pharmaceuticals will post ($0.40) EPS for the current year.

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A number of large investors have recently made changes to their positions in PPHM. Renaissance Technologies LLC raised 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 worth $763,000 after buying an additional 11,400 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Peregrine Pharmaceuticals during the first quarter worth $473,000. Russell Investments Group Ltd. acquired a new stake in shares of Peregrine Pharmaceuticals during the first quarter worth $210,000. Wells Fargo & Company MN raised 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 worth $149,000 after buying an additional 190,250 shares in the last quarter. Finally, Bank of New York Mellon Corp increased 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 worth $129,000 after buying an additional 3,732 shares during the last quarter. 86.96% of the stock is currently 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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