Company Update (NASDAQ:PPHM): Peregrine Pharmaceuticals Declares Quarterly Dividend on Its Series E Convertible Preferred Stock
Peregrine Pharmaceuticals (NASDAQ:PPHM) (NASDAQ:PPHMP) 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 July 1, 2015 to holders of record at the close of business on June 19, 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 April 1, 2015 through June 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 Pharma closed yesterday at $1.46 . PPHM has a 1-year high of $1.95 and a 1-year low of $1.19. The stock’s 50-day moving average is $1.36 and its 200-day moving average is $1.38.
On the ratings front, Peregrine Pharma has been the subject of a number of recent research reports. In a report released yesterday, MLV & Co. analyst Thomas Yip maintained a Buy rating on PPHM, with a price target of $3.50, which represents a potential upside of 139.7% from where the stock is currently trading. Separately, on April 20, Roth Capital’s Joseph Pantginis maintained 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, Thomas Yip and Joseph Pantginis have a total average return of 3.7% and 9.9% respectively. Yip has a success rate of 53.3% and is ranked #1869 out of 3610 analysts, while Pantginis has a success rate of 52.4% and is ranked #194.
Peregrine Pharmaceuticals Inc is a biopharmaceutical company with a portfolio of monoclonal antibodies in clinical trials for treatment & diagnosis of cancer. With its phosphatidylserine-targeting platform, it is pursuing two clinical programs in cancer.