Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

Peregrine Pharmaceuticals, Inc. (PPHM - Snapshot Report) reported a net loss of 4 cents per share in the third quarter of fiscal 2013 (ended Jan 31, 2013), narrower than the year-ago loss of 13 cents and the Zacks Consensus Estimate of a loss of 6 cents per share.

Revenues increased 114.5% to $7.0 million, beating the Zacks Consensus Estimate of $4 million. Increase in revenues reflected the increase in the contract manufacturing revenue.

Avid Bioservices, a Peregrine subsidiary, posted a 117.3% increase in revenues to $7.0 million.  This was driven by a higher number of completed manufacturing runs. For fiscal 2013, Peregrine expects contract manufacturing revenue to be at least $20 million.

Total costs and expenses decreased 15.1% during the third quarter of fiscal 2013 to $12.2 million. Research and development expenses decreased 40.8% to $5.4 million and selling, general and administrative expenses were up 14.8% to $3.1 million.

We note, in Feb 2013, Peregrine announced encouraging top-line data on its key pipeline candidate, bavituximab from a phase II trial that was conducted in patients with second-line non-small cell lung cancer (NSCLC).

Peregrine Pharma also intends to enter into discussions with regulatory bodies including a meeting with the FDA during the second quarter of calendar 2013. The company is looking to move the candidate into phase III for NSCLC by year end.

Peregrine Pharma is also evaluating bavituximab in other oncology indications. We expect investor focus to remain on updates on the future development path for bavituximab.

Peregrine Pharma currently carries a Zacks Rank #3 (Hold). Biopharma companies that currently look more attractive include Cytokinetics, Inc. (CYTK - Snapshot Report) and Array BioPharma Inc. (ARRY - Snapshot Report). While Cytokinetics is a Zacks Rank #1 (Strong Buy) stock, Array is a Zacks Rank #2 (Buy) stock.

Another company that currently looks well-positioned is Osiris Therapeutics, Inc. (OSIR - Analyst Report). Osiris is also a Zacks Rank #1 stock.

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
DIXIE GROUP DXYN 15.84 +7.90%
BOFL HOLDING BOFI 85.30 +4.97%
RAMBUS INC RMBS 12.31 +4.41%
VIPSHOP HOLD VIPS 148.73 +4.35%
NETFLIX INC NFLX 345.74 +4.32%