Roth ups Peregrine price target to $5
Roth Capital Partners has raised in price target for “buy-rated” Peregrine Pharmaceuticals (NASDAQ:PPHM) to $5 from $3.30 after the company announced positive top-line data from a 121-patient Phase 2b bavituximab study in second line non-small cell lung cancer (NSCLC). The stock has jumped 11 cents to 55 cents in early trading on Monday.
“We look forward to the company taking the data to the FDA as well as several additional data catalysts by year end,” writes analyst Joseph Pantginis. “We are impressed by the strong clinical data for the primary overall response rate endpoint as well as the current indications of a survival benefit as well,” he added.
Mr. Pantginis figures an FDA meeting will occur following readout of progression free survival and overall survival data later this year, which will be “instrumental in helping to define the ultimate registration path for the product.”
Looking ahead, he continues to expect several catalysts for Peregrine, including bavituximab data in second line NSCLC and metastatic pancreatic cancer, in addition to preliminary readout of four ongoing investigator-sponsored trials. Peregrine also continues to make progress with the FDA regarding the design of a pivotal Cotara study targeted to be completed in about two years after enrollment begins.