Peregrine Pharmaceuticals Inc. (PPHM) Issues Earnings Results

Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) released its earnings results on Monday. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.06, Bloomberg Earnings reports. The firm had revenue of $27.08 million for the quarter, compared to analysts’ expectations of $15.22 million. Peregrine Pharmaceuticals had a negative net margin of 23.15% and a negative return on equity of 40.46%.

Peregrine Pharmaceuticals (NASDAQ PPHM) opened at 3.15 on Wednesday. Peregrine Pharmaceuticals has a 1-year low of $1.97 and a 1-year high of $5.78. The stock’s market capitalization is $141.97 million. The firm has a 50-day moving average of $3.58 and a 200-day moving average of $4.15.

Several hedge funds have recently made changes to their positions in PPHM. Bandera Partners LLC bought a new stake in shares of Peregrine Pharmaceuticals in the second quarter worth approximately $864,000. Kennedy Capital Management Inc. grew its stake in shares of 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 worth $5,710,000 after acquiring an additional 1,154,639 shares during the period. Vanguard Group Inc. grew its stake 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 worth $4,382,000 after acquiring an additional 1,027,515 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Peregrine Pharmaceuticals in the first quarter worth approximately $473,000. Finally, Renaissance Technologies LLC grew its stake in shares of Peregrine Pharmaceuticals by 24.4% in the first quarter. Renaissance Technologies LLC now owns 3,077,652 shares of the biopharmaceutical company’s stock worth $2,013,000 after acquiring an additional 603,806 shares during the period.

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PPHM has been the topic of a number of research analyst reports. ValuEngine cut shares of Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. BidaskClub upgraded shares of Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. Zacks Investment Research cut shares of Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Finally, Noble Financial reiterated a “buy” rating on shares of Peregrine Pharmaceuticals in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Peregrine Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $4.38.

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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