Company Update (NASDAQ:PPHM): Peregrine Pharmaceuticals Provides Update on Oral Presentation of Top-Line Data from Phase III SUNRISE Trial of Bavituximab at ESMO 2016 Congress
Peregrine Pharmaceuticals (NASDAQ:PPHM) announced that top-line data from the Phase III SUNRISE trial of bavituximab in patients with previously treated locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) will be presented as a late-breaking oral presentation at the upcoming European Society for Medical Oncology (ESMO) 2016 Congress. Presented data will include a biomarker in the SUNRISE trial that correlated with a statistically significant improvement in overall survival for patients treated with bavituximab in combination with docetaxel compared to patients treated with docetaxel alone. Peregrine will file a new patent application directed to the use of the biomarker prior to the presentation of results at the ESMO 2016 Congress, which is being held October 7-11, 2016 in Copenhagen, Denmark. (Original Source)
Shares of Peregrine are up $0.43 or 12.86% in pre-market trading. PPHM has a 1-year high of $1.33 and a 1-year low of $0.29. The stock’s 50-day moving average is $0.37 and its 200-day moving average is $0.39.
On the ratings front, Peregrine has been the subject of a number of recent research reports. In a report issued on September 9, FBR analyst Thomas Yip reiterated a Buy rating on PPHM, with a price target of $1.00, which represents a potential upside of 162.5% from where the stock is currently trading. Separately, on July 15, Roth Capital’s Joseph Pantginis reiterated a Hold rating on the stock and has a price target of $0.50.
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 49.3% and 7.0% respectively. Yip has a success rate of 29% and is ranked #68 out of 4172 analysts, while Pantginis has a success rate of 38% and is ranked #356.
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company that engages in the provision of monoclonal antibody therapeutics. It operates through Peregrine and Avid segments. The Peregrine segment refers to research and development of monoclonal antibodies for the treatment and diagnosis of cancer. The Avid segment provides contract management services for peregrine and third-party customers on a fee-for-services basis.