Roth Capital analyst Joseph Pantginis was out today with a research note on Peregrine Pharmaceuticals (NASDAQ:PPHM), after the drug-maker announced financial results for the fourth quarter and fiscal year, and provided an update on its contract manufacturing business, clinical pipeline and other corporate developments.
Pantginis commented, “In our opinion, PPHM has hit the restart button, and is currently suffering from broad negative perception following the failure of the Phase III SUNRISE study with bavituximab. However, as this restart moves forward, the company does hold a position of strength based on the growing revenue from Avid and highly reduced R&D expenses for bavituximab development. While the company expects to be cash-flow positive in the next couple of years and minimize dilution, we still expect significant dilution during this time period from outstanding at-the-market offerings of >$35 million. The company continues to analyze the SUNRISE study, focusing on biomarkers, and is now focused on smaller early stage signal seeking studies with immune stimulatory molecules internally and with collaborators.”
The analyst reiterated a Neutral rating on shares of Peregrine, with a price target of $0.50, which implies an upside of 24% from current levels.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a yearly average return of 7.8% and a 37% success rate. Pantginis has a -39.5% average return when recommending PPHM, and is ranked #290 out of 4060 analysts.
Out of the 3 analysts polled by TipRanks, 2 rate Peregrine Pharma stock a Buy, while 1 rates the stock a Hold. With a return potential of 86%, the stock’s consensus target price stands at $0.75.