Stafford John S III
stated that they own a 7.3% stake in Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) in a Schedule 13D/A disclosure that was filed with the SEC on Wednesday, October 11th. The investor owns 3,310,654 shares of the stock valued at approximately $12,249,420. The reporting parties listed on the disclosure included John S Stafford, III, Ronin Trading, LLC, Stephen White, SW Investment Management LLC, SWIM Partners LP, James J Egan, Gregory P Sargen, Brian W Scanlan and Saiid Zarrabian. The disclosure is available through Edgar at this hyperlink.
Stafford John S III
provided the following explanation of their ownership:
Item 4 is hereby amended to add the following:
On October 9,2017, Ronin Trading, LLC delivered a supplement (the “Supplemental Notice”) to that certain letter delivered by Ronin Trading, LLC to the Issuer on July 12,2017 pursuant to which Ronin Trading, LLC nominated Gregory P. Sargen, Brian W. Scanlan and Saiid Zarrabian for election to the Board of Directors (the “Board”) of the Issuer at the 2017 annual meeting of stockholders (the “Annual Meeting”). Pursuant to the Supplemental Notice, Ronin Trading, LLC notified the Issuer of its additional nomination of James J. Egan for election to the Board at the Annual Meeting, and has therefore nominated four candidates, James J. Egan, Gregory P. Sargen, Brian W. Scanlan and Saiid Zarrabian for election to the Board at the Annual Meeting.
On October 10,2017, Ronin Trading, LLC and SW Investment Management LLC (together with the other participants in their solicitation, “Ronin”) issued a press release announcing the additional nomination of Mr. Egan. Ronin also explained its frustration that the Board continues to needlessly delay the Annual Meeting, which Ronin believes benefits insiders at the expense of stockholders. Ronin noted that the Issuer’s past 15 annual meetings were held in October, making it blatantly obvious to Ronin that the Issuer is stalling as a means to entrench the incumbents and insulate them from the will of the Issuer’s stockholders. Ronin made clear that to the extent the Issuer fails to promptly call the Annual Meeting, Ronin intends to file suit in accordance with Delaware law to compel the holding of the meeting. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Kennedy Capital Management Inc. boosted its stake in Peregrine Pharmaceuticals by 11.8% during the second quarter. Kennedy Capital Management Inc. now owns 9,758,459 shares of the biopharmaceutical company’s stock worth $5,933,000 after buying an additional 1,028,067 shares during the period. Vanguard Group Inc. boosted its stake in Peregrine Pharmaceuticals by 16.6% during the second quarter. Vanguard Group Inc. now owns 7,208,139 shares of the biopharmaceutical company’s stock worth $4,382,000 after buying an additional 1,027,515 shares during the period. Renaissance Technologies LLC boosted its stake in Peregrine Pharmaceuticals by 24.4% during 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 period. Geode Capital Management LLC boosted its stake in Peregrine Pharmaceuticals by 31.6% during 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 period. Finally, Bandera Partners LLC purchased a new position in Peregrine Pharmaceuticals during the second quarter worth $864,000.
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Several research analysts have commented on PPHM shares. Noble Financial started coverage on shares of Peregrine Pharmaceuticals in a research note on Friday, September 29th. They set a “buy” rating and a $10.00 price objective for the company. BidaskClub raised shares of Peregrine Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. ValuEngine raised shares of Peregrine Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Finally, Zacks Investment Research raised shares of Peregrine Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, September 13th.
Peregrine Pharmaceuticals Inc. (NASDAQ PPHM) traded down 3.65% on Wednesday, reaching $3.70. 485,123 shares of the company’s stock traded hands. Peregrine Pharmaceuticals Inc. has a 52 week low of $1.97 and a 52 week high of $5.78. The stock’s market capitalization is $166.86 million. The firm has a 50-day moving average price of $3.18 and a 200-day moving average price of $3.93.
Peregrine Pharmaceuticals (NASDAQ:PPHM) last issued its earnings results on Monday, September 11th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.06. Peregrine Pharmaceuticals had a negative return on equity of 38.19% and a negative net margin of 23.15%. The business had revenue of $27.08 million during the quarter, compared to the consensus estimate of $15.22 million. On average, analysts predict that Peregrine Pharmaceuticals Inc. will post ($0.44) earnings per share for the current year.
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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