Tappan Street Partners LLC

disclosed that they own 5.1% of Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) in a Form 13G disclosure that was filed with the Securities and Exchange Commission on Thursday, July 20th. The investor owns 2,298,694 shares of the stock worth $11,999,183. The filing is available through Edgar at this hyperlink.

Tappan Street Partners LLC

provided the following explanation of their ownership:

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A number of other large investors have also recently added to or reduced their stakes in the company. Kennedy Capital Management Inc. increased its stake in Peregrine Pharmaceuticals by 15.2% in the first quarter. Kennedy Capital Management Inc. now owns 8,730,392 shares of the biopharmaceutical company’s stock worth $5,710,000 after buying an additional 1,154,639 shares during the last quarter. Renaissance Technologies LLC increased its stake in Peregrine Pharmaceuticals by 24.4% in the first quarter. Renaissance Technologies LLC now owns 3,077,652 shares of the biopharmaceutical company’s stock worth $2,013,000 after buying an additional 603,806 shares during the last quarter. Geode Capital Management LLC increased its stake in Peregrine Pharmaceuticals by 31.6% in the first quarter. Geode Capital Management LLC now owns 1,437,491 shares of the biopharmaceutical company’s stock worth $940,000 after buying an additional 344,811 shares during the last quarter. Eqis Capital Management Inc. increased its stake in Peregrine Pharmaceuticals by 1.0% in the second quarter. Eqis Capital Management Inc. now owns 1,052,770 shares of the biopharmaceutical company’s stock worth $642,000 after buying an additional 10,398 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Peregrine Pharmaceuticals during the first quarter worth $473,000. 13.49% of the stock is currently owned by institutional investors and hedge funds.

Peregrine Pharmaceuticals Inc. (NASDAQ PPHM) traded up 0.38% on Thursday, hitting $5.22. 134,729 shares of the stock were exchanged. The company’s market capitalization is $235.26 million. The company has a 50-day moving average price of $4.29 and a 200 day moving average price of $3.82. Peregrine Pharmaceuticals Inc. has a 1-year low of $1.96 and a 1-year high of $5.78.

Peregrine Pharmaceuticals (NASDAQ:PPHM) last posted its quarterly earnings results on Friday, July 14th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.09. Peregrine Pharmaceuticals had a negative return on equity of 63.75% and a negative net margin of 48.86%. The firm had revenue of $17.90 million for the quarter, compared to analyst estimates of $22.57 million. During the same quarter in the prior year, the business posted ($0.05) EPS. The business’s revenue was down 4.8% on a year-over-year basis. Analysts anticipate that Peregrine Pharmaceuticals Inc. will post ($0.35) EPS for the current fiscal year.

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PPHM has been the topic of a number of recent research reports. Zacks Investment Research downgraded Peregrine Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, May 3rd. Noble Financial reaffirmed a “buy” rating on shares of Peregrine Pharmaceuticals in a report on Thursday, April 6th. ValuEngine raised Peregrine Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Finally, BidaskClub raised Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Monday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $5.25.

About Peregrine Pharmaceuticals

Peregrine Pharmaceuticals, Inc (Peregrine) is a biopharmaceutical company. The Company operates through two segments: Peregrine, which is engaged in the research and development of monoclonal antibodies for the treatment of cancer, and Avid, which 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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Institutional Ownership by Quarter for Peregrine Pharmaceuticals (NASDAQ:PPHM)

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