MLV Reiterates Buy On Peregrine As Phase II Clinical Data Presented At SITC
In a research report released Wednesday, MLV analyst George Zavoico reiterated a Buy rating on Peregrine Pharma (NASDAQ:PPHM) with a $3.50 price target, following presentation of clinical and preclinical data related to the company’s immuno-oncology development program and its lead investigational immunotherapy drug candidate bavituximab at the Society for Immunotherapy of Cancer’s (SITC) 29th Annual Meeting.
Zavoico said, “Predicted changes in tumor associated immune cells correlated with longer survival. With the caveat that the relative contribution to this effect by the two drugs cannot be determined, this data could be the first evidence that bavituximab has an immunomodulatory effect in human cancer. If confirmed in additional studies and pending clinical trial results, bavituximab could be placed into the same high-value drug class as the FDA approved immune checkpoint inhibitors ipilimumab (Yervoy®) and pembrolizumab (Keytruda®).”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst George Zavoico has a total average return of 2.7% and a 44.8% success rate. Zavoico has a -15.5% average return when recommending PPHM, and is ranked #1605 out of 3367 analysts.