Zacks Investment Research cut shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) from a hold rating to a sell rating in a research note issued to investors on Saturday.

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. “

A number of other research firms have also weighed in on PPHM. ValuEngine lowered Peregrine Pharmaceuticals from a hold rating to a sell rating in a research report on Friday, December 1st. Noble Financial reaffirmed a buy rating on shares of Peregrine Pharmaceuticals in a research report on Tuesday, December 12th.

Shares of Peregrine Pharmaceuticals (NASDAQ PPHM) traded down $0.21 during midday trading on Friday, reaching $3.86. The company’s stock had a trading volume of 324,779 shares, compared to its average volume of 206,736. Peregrine Pharmaceuticals has a 52 week low of $1.97 and a 52 week high of $5.78.

Several institutional investors have recently bought and sold shares of the company. Kennedy Capital Management Inc. increased its position in shares of Peregrine Pharmaceuticals by 11.8% during the second quarter. Kennedy Capital Management Inc. now owns 9,758,459 shares of the biopharmaceutical company’s stock worth $5,933,000 after acquiring an additional 1,028,067 shares during the period. Vanguard Group Inc. grew its stake in shares of Peregrine Pharmaceuticals by 16.6% during the second quarter. Vanguard Group Inc. now owns 7,208,139 shares of the biopharmaceutical company’s stock worth $4,382,000 after purchasing an additional 1,027,515 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Peregrine Pharmaceuticals by 24.4% during the first quarter. Renaissance Technologies LLC now owns 3,077,652 shares of the biopharmaceutical company’s stock worth $2,013,000 after purchasing an additional 603,806 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Peregrine Pharmaceuticals by 31.6% during the first quarter. Geode Capital Management LLC now owns 1,437,491 shares of the biopharmaceutical company’s stock worth $940,000 after purchasing an additional 344,811 shares in the last quarter. Finally, Bandera Partners LLC acquired a new position in shares of Peregrine Pharmaceuticals during the second quarter worth $864,000. 18.88% of the stock is currently owned by institutional investors and hedge funds.

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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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