Peregrine Pharmaceuticals, Inc. (PPHM) was a big mover last session, as the company saw its shares rise over 5% on the day. The upside came after the company announced a sponsored research agreement with Memorial Sloan Kettering Cancer Center to explore the potential of its proprietary phosphatidylserine-targeting antibody platform. The news led to far more shares changing hands than in a normal session resulting in solid volume. This reverses the recent trend of the company, as the stock is now trading above the volatile price range of $1.29 to $1.37 in the past one-month time frame.
None of the estimates for this biomedicines stock were revised over the past 30 days. The Zacks Consensus Estimate also remained unchanged over the same time frame. Yesterday’s price action is encouraging though, so make sure to keep a close watch on this firm in the near future.
Peregrine Pharmaceuticals currently carries a Zacks Rank #3 (Hold), while its Earnings ESP is 0.00%.
A better-ranked stock in the same industry is Actelion Ltd. (ALIOF), sporting a Zacks Rank #1 (Strong Buy).
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