Peregrine Pharmaceuticals (CDMO) Lowered to Sell at Zacks Investment Research

Peregrine Pharmaceuticals (NASDAQ:CDMO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, December 16th.

According to Zacks, “Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and hepatitis C virus infection. The company is pursuing three separate clinical trials in cancer and HCV infection with its lead product candidate bavituximab and Cotara. Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc., which provides development and bio-manufacturing services for both Peregrine and outside customers. “

CDMO has been the topic of a number of other research reports. Noble Financial initiated coverage on shares of Peregrine Pharmaceuticals in a research report on Friday, September 29th. They set a “buy” rating and a $10.00 price objective on the stock. ValuEngine cut shares of Peregrine Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, December 1st.

Peregrine Pharmaceuticals (NASDAQ CDMO) traded down $0.17 during mid-day trading on Friday, hitting $3.79. 203,510 shares of the stock were exchanged, compared to its average volume of 164,314. The company has a market cap of $171.36, a PE ratio of -5.41 and a beta of 2.73. Peregrine Pharmaceuticals has a one year low of $1.96 and a one year high of $5.78.

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Peregrine Pharmaceuticals Company Profile

Avid Bioservices, Inc, formerly Peregrine Pharmaceuticals, Inc, incorporated on September 25, 1996, is a biopharmaceutical company. The Company 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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