Noble Financial restated their buy rating on shares of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) in a research report sent to investors on Monday, July 31st.

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

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

Peregrine Pharmaceuticals (NASDAQ:PPHM) last announced its quarterly earnings results on Friday, July 14th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by $0.09. Peregrine Pharmaceuticals had a negative net margin of 48.86% and a negative return on equity of 63.75%. The company had revenue of $17.90 million during the quarter, compared to analyst estimates of $22.57 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The company’s revenue was down 4.8% compared to the same quarter last year. Equities research analysts forecast that Peregrine Pharmaceuticals will post ($0.40) EPS for the current year.

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Several hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in 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 during the period. Acadian Asset Management LLC acquired a new stake in Peregrine Pharmaceuticals during the first quarter worth approximately $473,000. Russell Investments Group Ltd. acquired a new stake in Peregrine Pharmaceuticals during the first quarter worth approximately $210,000. 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 worth $149,000 after buying an additional 190,250 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of 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. Institutional investors and hedge funds own 86.96% of the company’s stock.

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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