Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) Closed Well Above Its 50 Day Average

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Shares of the company are trading at $4.11 which is quite a bit higher than the 50 day moving average of $3.37 and a bit higher than the 200 day moving average of $3.88. The 50 day moving average went up by +21.81% and the 200 day average was up $0.23. Peregrine Pharmaceuticals Inc. shares had a trading volume of 6,418 by the end of trading on Tuesday. Trading volume was down 99.21% under the stocks average daily volume.

Investors are feeling more bullish on Peregrine Pharmaceuticals Inc. of late considering the downtick in short interest. The firm experienced a fall in short interest of -11.06% as of September 29, 2017 from the last reporting period. Short interest fell 59,514 over that period. Days to cover increased 1.0 to 3.0 and the short interest percentage is 0.01% as of September 29.

These funds have shifted positions in (PPHM). Squarepoint Ops LLC expanded its stake by buying 103,700 shares an increase of 244.6%. Squarepoint Ops LLC owns 146,100 shares valued at $89,000. The value of the position overall is up by 217.9%. Tappan Street Partners LLC added to its holdings by buying 5,193,530 shares an increase of 81.1% from 03/31/2017 to 06/30/2017. Tappan Street Partners LLC controls 11,593,530 shares worth $7,049,000. The total value of its holdings increased 68.4%.

As of quarter end Eqis Capital Management, Inc. had sold 909,175 shares trimming its stake by 86.4%. The value of the investment in Peregrine Pharmaceuticals Inc. went from $642,000 to $451,000 a change of $191,000 since the last quarter. As of the end of the quarter Baxter Bros Inc had disposed of a total of 128,999 shares trimming its position 85.7%. The value in dollars decreased from $92,000 to $68,000 a change of 26.1% quarter to quarter.

In the latest earnings report the EPS was $-0.58 and is estimated to be $-0.44 for the current year with 45,096,000 shares now outstanding. Next quarter’s EPS is forecasted to be $-0.12 with next year’s EPS projected to be $-0.46.

Peregrine Pharmaceuticals, Inc. (Peregrine), launched on September 25, 1996, is a biopharmaceutical company. The Company operates through two segments: Peregrine, which is involved in the research and development of monoclonal antibodies for the treatment of cancer, and Avid, which is involved in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts. The Company delivers pharmaceutical products through its contract manufacturing business and through licensing its development-stage immunotherapy products. The Business’s subsidiary is Avid Bioservices, Inc. (Avid)..