Renaissance Technologies LLC increased its position in shares of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) by 24.4% during the first quarter, Holdings Channel reports. The institutional investor owned 3,077,652 shares of the biopharmaceutical company’s stock after buying an additional 603,806 shares during the period. Renaissance Technologies LLC’s holdings in Peregrine Pharmaceuticals were worth $2,013,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its stake in Peregrine Pharmaceuticals by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 198,296 shares of the biopharmaceutical company’s stock worth $129,000 after buying an additional 3,732 shares in the last quarter. Wells Fargo & Company MN boosted its stake 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 in the last quarter. Russell Investments Group Ltd. bought a new stake in Peregrine Pharmaceuticals during the first quarter worth about $210,000. Geode Capital Management LLC boosted its stake in Peregrine Pharmaceuticals by 31.6% in the first quarter. Geode Capital Management LLC now owns 1,437,491 shares of the biopharmaceutical company’s stock worth $940,000 after buying an additional 344,811 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Peregrine Pharmaceuticals during the first quarter worth about $473,000. 86.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Peregrine Pharmaceuticals Inc. (NASDAQ PPHM) traded up 4.87% during midday trading on Friday, reaching $3.23. 192,200 shares of the company’s stock traded hands. Peregrine Pharmaceuticals Inc. has a 52 week low of $1.97 and a 52 week high of $5.78. The company’s market capitalization is $145.57 million. The stock’s 50 day moving average is $4.28 and its 200-day moving average is $1.53.
Peregrine Pharmaceuticals (NASDAQ:PPHM) last posted its earnings results on Friday, July 14th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.09. The firm had revenue of $17.90 million during the quarter, compared to analyst estimates of $22.57 million. Peregrine Pharmaceuticals had a negative net margin of 48.86% and a negative return on equity of 63.75%. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same period last year, the company posted ($0.05) EPS. On average, analysts forecast that Peregrine Pharmaceuticals Inc. will post ($0.40) earnings per share for the current fiscal year.
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A number of research firms recently issued reports on PPHM. Zacks Investment Research cut shares of 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. ValuEngine cut shares of Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. Finally, BidaskClub raised shares of Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $5.25.
Peregrine Pharmaceuticals Company Profile
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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