Monday, December 22, 2014

Roth adds Peregrine to Focus List

August 15, 2012 by · Leave a Comment 

Roth Capital Partners has added Peregrine Pharmaceuticals (NASDAQ:PPHM) to its “Focus List as a top biotech pick,” saying it believes the stock is poised for further upside.

“We continue to believe that Peregrine is attractive both for near-term catalyst investors as well as a long-term play, based on a broad spectrum of therapeutic potential with bavituximab, multiple clinical data catalysts ahead and a cash burn offset by subsidiary Avid activities,” writes analyst Joseph Pantiginis.

He rates the stock a “buy,” with a 12-month price target of $5. The shares closed at $2.52 on Monday.

“We continue to believe that Peregrin represents a significant value proposition based on a string of anticipated catalysts,” starting with the presentation of more mature survival results from the 2nd line NSCLC study in a plenary late-breakout session of the Chicago Symposium of Thoracic Oncology on Sept 7, he said.

The company is planning an end-of-Phase 2 meeting with the FDA by year end, with a potential Phase 3 start in 2nd line NSCLC by mid-2013.

Mr. Pantiginis said Peregrine management has noted that “partnering discussions around bavituximab have seen a surge with the initial data release, and the company aims to bring a potential partner on board ahead of the Phase 3 launch.”

Bavituximab is also in a randomized Phase 2 trial in metastatic pancreatic cancer, which is expected to readout by year end.

In addition, Peregrine is awaiting FDA feedback for a registration path for its Cotara drug candidate in glioblastoma multiforme.

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