In a research report issued Friday, FBR analyst Thomas Yip reiterated an Outperform rating on shares of Peregrine Pharmaceuticals (NASDAQ:PPHM), with a $1.00 price target, ahead of the upcoming American Society of Clinical Oncology (ASCO) 2016 Annual Meeting on June 3-7.

Yip noted, “While there will be no formal presentation at ASCO, we think a potential update at the conference would be crucial to bavituximab’s future development in combination with cancer immunotherapies, and could inform us the potential of a bavituximab-durvalumab combination.”

“We would look for an update on the progress of PPHM 1501, a Phase II open-label trial of the drug combination for the treatment of metastatic non-small cell lung cancer (NSCLC). Patients are randomized in a 1:1:1 ratio to receive either: 1) 10 mg/kg durvalumab mono-therapy every two weeks, 2) 3 mg/kg bavituximab weekly plus 10 mg/kg durvalumab every two weeks, or 3) 3 mg/kg bavituximab plus 10 mg/kg durvalumab both every two weeks. PPHM 1501 is Peregrine’s first global trial evaluating bavituximab in combination with a cancer immunotherapy, with an enrollment target of about 198 patients,” the analyst added.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Thomas Yip has a yearly average return of 17% and a 24.4% success rate. Yip has a -44% average return when recommending PPHM, and is ranked #384 out of 3929 analysts.

Out of the 3 analysts polled by TipRanks, 2 rate Peregrine stock a Buy, while 1 rates the stock a Hold. With a return potential of 32%, the stock’s consensus target price stands at $0.50.

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