Bank of New York Mellon Corp increased its position in shares of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) by 1.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 198,296 shares of the biopharmaceutical company’s stock after buying an additional 3,732 shares during the period. Bank of New York Mellon Corp owned approximately 0.07% of Peregrine Pharmaceuticals worth $129,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of PPHM. Wells Fargo & Company MN increased its position in Peregrine Pharmaceuticals by 495.7% in the first quarter. Wells Fargo & Company MN now owns 228,628 shares of the biopharmaceutical company’s stock worth $149,000 after buying an additional 190,250 shares during the period. Russell Investments Group Ltd. bought a new position in Peregrine Pharmaceuticals during the first quarter worth $210,000. Acadian Asset Management LLC bought a new position in Peregrine Pharmaceuticals during the first quarter worth $473,000. Finally, Renaissance Technologies LLC increased its position in Peregrine Pharmaceuticals by 0.5% in the fourth quarter. Renaissance Technologies LLC now owns 2,473,846 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 11,400 shares during the period. 86.80% of the stock is currently owned by institutional investors.
Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) traded down 3.58% on Friday, hitting $3.50. The stock had a trading volume of 179,345 shares. The company’s 50 day moving average is $4.00 and its 200-day moving average is $1.42. Peregrine Pharmaceuticals Inc. has a 1-year low of $1.96 and a 1-year high of $5.78. The firm’s market capitalization is $157.74 million.
Peregrine Pharmaceuticals (NASDAQ:PPHM) last issued its quarterly earnings data on Friday, July 14th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.07) by $0.09. Peregrine Pharmaceuticals had a negative return on equity of 63.75% and a negative net margin of 48.86%. The business had revenue of $17.90 million during the quarter, compared to the consensus estimate of $22.57 million. During the same period in the prior year, the firm earned ($0.05) EPS. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, analysts forecast that Peregrine Pharmaceuticals Inc. will post ($0.40) EPS for the current year.
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A number of research analysts have recently weighed in on the company. BidaskClub raised Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. Zacks Investment Research downgraded Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Noble Financial reissued a “buy” rating on shares of Peregrine Pharmaceuticals in a research note on Monday, July 31st. Finally, ValuEngine raised Peregrine Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Peregrine Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $5.25.
About Peregrine Pharmaceuticals
Peregrine Pharmaceuticals, Inc (Peregrine) is a biopharmaceutical company. The Company operates through two segments: Peregrine, which is engaged in the research and development of monoclonal antibodies for the treatment of cancer, and Avid, which is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts.
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