Shares of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) traded down 6.6% on Monday following a dissappointing earnings announcement. The stock traded as low as $4.72 and last traded at $5.21, with a volume of 1,132,444 shares traded. The stock had previously closed at $5.58.
The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by $0.09. The firm had revenue of $17.90 million during the quarter, compared to analysts’ expectations of $22.57 million. Peregrine Pharmaceuticals had a negative net margin of 48.86% and a negative return on equity of 68.62%. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) EPS.
A number of research analysts have weighed in on the company. BidaskClub upgraded Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Monday. Noble Financial reiterated a “buy” rating on shares of Peregrine Pharmaceuticals in a report on Thursday, April 6th. Zacks Investment Research lowered Peregrine Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, May 3rd. Finally, ValuEngine upgraded Peregrine Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Peregrine Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $6.56.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Eqis Capital Management Inc. raised 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 valued at $642,000 after buying an additional 10,398 shares in the last quarter. Brown Advisory Securities LLC bought a new position in Peregrine Pharmaceuticals during the first quarter valued at approximately $379,000. KCG Holdings Inc. raised its position 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 in the last quarter. Renaissance Technologies LLC raised 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 valued at $2,013,000 after buying an additional 603,806 shares in the last quarter. Finally, Kennedy Capital Management Inc. raised its position in Peregrine Pharmaceuticals by 15.2% in the first quarter. Kennedy Capital Management Inc. now owns 8,730,392 shares of the biopharmaceutical company’s stock valued at $5,710,000 after buying an additional 1,154,639 shares in the last quarter. Institutional investors and hedge funds own 13.49% of the company’s stock.
The company has a 50-day moving average of $0.57 and a 200-day moving average of $0.51. The company’s market cap is $221.58 million.
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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.
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