In a research report issued today, MLV analyst Thomas Yip reiterated a Buy rating on Peregrine Pharmaceuticals (NASDAQ:PPHM) with a $3.50 price target, after the company hosted a key-opinion leader (KOL) event featuring a number of clinical oncologists to discuss the emergence of immune-oncology agent combinations in the treatment of various cancers.
Yip noted, “While we believe great strides have been made in the development of such combinations, there remain many opportunities in developing drug combinations of agents with distinct mechanisms such as bavituximab. To this end, we think Peregrine’s collaboration with Memorial Sloan Kettering could accelerate bavituximab’s development in combination with other novel immune-oncology agents, and reflects the confidence of a leading oncology organization in bavituximab.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Thomas Yip has a total average return of 3.9% and a 63.6% success rate. Yip has a 0.7% average return when recommending PPHM, and is ranked #1935 out of 3610 analysts.
Peregrine Pharmaceuticals, Inc., a biopharmaceutical company, is engaged in the research and development of novel monoclonal antibodies for the treatment and diagnosis of cancer in the United States.