Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and hepatitis C virus infection. The company is pursuing three separate clinical trials in cancer and HCV infection with its lead product candidate bavituximab and Cotara. Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc., which provides development and bio-manufacturing services for both Peregrine and outside customers. “

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

Shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) opened at 3.15 on Wednesday. The stock’s 50 day moving average is $3.58 and its 200 day moving average is $4.15. The stock’s market cap is $141.97 million. Peregrine Pharmaceuticals has a 52-week low of $1.97 and a 52-week high of $5.78.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last released its earnings results on Monday, September 11th. The biopharmaceutical company reported ($0.06) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.06. Peregrine Pharmaceuticals had a negative return on equity of 63.75% and a negative net margin of 48.86%. The firm had revenue of $27.08 million during the quarter, compared to the consensus estimate of $15.22 million. On average, equities analysts predict that Peregrine Pharmaceuticals will post ($0.40) EPS for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in PPHM. Ballentine Partners LLC purchased a new position in Peregrine Pharmaceuticals during the second quarter valued at approximately $113,000. Bank of New York Mellon Corp raised its position in Peregrine Pharmaceuticals by 1.9% during 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 acquiring an additional 3,732 shares in the last quarter. Wells Fargo & Company MN raised its position in Peregrine Pharmaceuticals by 495.7% during the first quarter. Wells Fargo & Company MN now owns 228,628 shares of the biopharmaceutical company’s stock valued at $149,000 after acquiring an additional 190,250 shares in the last quarter. KCG Holdings Inc. raised its position in Peregrine Pharmaceuticals by 941.5% during the first quarter. KCG Holdings Inc. now owns 238,906 shares of the biopharmaceutical company’s stock valued at $156,000 after acquiring an additional 215,967 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Peregrine Pharmaceuticals during the first quarter valued at approximately $210,000.

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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