Company Update (NASDAQ:PPHM): Peregrine Pharmaceuticals Declares Quarterly Dividend On Its Series E Convertible Preferred Stock
Peregrine Pharmaceuticals (NASDAQ:PPHM) announced that its Board of Directors has declared a quarterly cash dividend payment on the Company’s 10.50% Series E Convertible Preferred Stock (the “Series E Preferred Stock”).
The quarterly dividend on the Series E Preferred Stock is payable on October 1, 2015 to holders of record at the close of business onSeptember 18, 2015.
The quarterly dividend payment on the Series E Preferred Stock will be $0.65625 per share, which is equivalent to an annualized 10.50% per share, based on the $25.00 per share stated liquidation preference, accruing from July 1, 2015 through September 30, 2015. The Series E Preferred Stock is listed on the NASDAQ Capital Market and trades under the ticker symbol “PPHMP”. (Original Source)
Shares of Peregrine closed today at $1.25, up $0.07 or 5.93%. PPHM has a 1-year high of $1.75 and a 1-year low of $1. The stock’s 50-day moving average is $1.20 and its 200-day moving average is $1.33.
On the ratings front, Peregrine has been the subject of a number of recent research reports. In a report issued on July 16, Noble Financial analyst Rahul Jasuja initiated coverage with a Buy rating on PPHM and a price target of $5, which implies an upside of 303.2% from current levels. Separately, on the same day, Roth Capital’s Joseph Pantginis reiterated a Buy rating on the stock and has a price target of $5.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Rahul Jasuja and Joseph Pantginis have a total average return of -6.3% and -3.4% respectively. Jasuja has a success rate of 20.0% and is ranked #3055 out of 3747 analysts, while Pantginis has a success rate of 36.1% and is ranked #3594.
Peregrine Pharmaceuticals Inc is a biopharmaceutical company. It develops novel investigational products that help utilize the immune system to fight cancer, also known as immunotherapy.