MLV Reiterates Buy on Peregrine Pharmaceuticals Following FY3Q:15 Results
In a research report released Friday, MLV & Co. analyst Thomas Yip reiterated a Buy rating on Peregrine Pharmaceuticals (NASDAQ:PPHM) with a $3.50 price target, following the company’s fiscal third-quarter financial results and update on its pipeline. Peregrine shares are currently trading at $1.44, down $0.01 or 0.69 percent.
Yip noted, “Peregrine reiterated its projection to complete enrollment for the Phase III SUNRISE trial of bavituximab + docetaxel vs. docetaxel alone as second-line treatment of non-small cell lung cancer (NSCLC) by CY2015 year-end, and unveiled a new clinical directive to develop bavituximab combined with checkpoint modulators such as anti-PD-1 and PD-L1. For its wholly-owned contract manufacturing subsidiary Avid Bioservices, Peregrine reported an accumulating contract backlog and increased its full-year revenue guidance.”
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 9.2% and a 50.0% success rate. Yip is ranked #1985 out of 3511 analysts.