Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note 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 several other reports. BidaskClub raised shares of Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. Noble Financial restated a “buy” rating on shares of Peregrine Pharmaceuticals in a research report on Monday, July 31st. Finally, ValuEngine cut Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, September 1st.

Peregrine Pharmaceuticals (PPHM) opened at 3.11 on Wednesday. The company’s market capitalization is $140.25 million. Peregrine Pharmaceuticals has a 12 month low of $1.97 and a 12 month high of $5.78. The company’s 50-day moving average price is $3.15 and its 200 day moving average price is $3.98.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last announced its quarterly earnings data on Monday, September 11th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.06. Peregrine Pharmaceuticals had a negative net margin of 23.15% and a negative return on equity of 38.19%. The company had revenue of $27.08 million during the quarter, compared to analysts’ expectations of $15.22 million. Analysts forecast that Peregrine Pharmaceuticals will post ($0.44) EPS for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in PPHM. Bandera Partners LLC bought a new position in shares of Peregrine Pharmaceuticals during the second quarter valued at about $864,000. Vanguard Group Inc. increased its holdings in Peregrine Pharmaceuticals by 16.6% during the 2nd quarter. Vanguard Group Inc. now owns 7,208,139 shares of the biopharmaceutical company’s stock valued at $4,382,000 after purchasing an additional 1,027,515 shares during the period. Northern Trust Corp increased its holdings in Peregrine Pharmaceuticals by 9.3% during the 2nd quarter. Northern Trust Corp now owns 454,451 shares of the biopharmaceutical company’s stock valued at $276,000 after purchasing an additional 38,604 shares during the period. Wells Fargo & Company MN increased its holdings in Peregrine Pharmaceuticals by 48.0% during the 2nd quarter. Wells Fargo & Company MN now owns 338,378 shares of the biopharmaceutical company’s stock valued at $206,000 after purchasing an additional 109,750 shares during the period. Finally, Kennedy Capital Management Inc. increased its holdings in Peregrine Pharmaceuticals by 11.8% during the 2nd quarter. Kennedy Capital Management Inc. now owns 9,758,459 shares of the biopharmaceutical company’s stock valued at $5,933,000 after purchasing an additional 1,028,067 shares during the period.

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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