Roth Remains Neutral on Peregrine Pharma (PPHM); Pipeline Advancing Well, but Catalysts Remain
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Roth Capital affirms Peregrine Pharma (Nasdaq: PPHM) with a Neutral rating and $0.50 price target following Q1 results issued Thursday night.
Analyst Joseph Pantginis noted Peregrine's efforts to advances its pipeline. The analyst commented:
In our opinion, PPHM is making strategic decisions in order to grow and become profitable through a two pronged approach: 1) decrease R&D costs, and 2) grow the manufacturing arm, Avid. PPHM is lowering R&D expenses by entering into collaborations.
PPHM announced that the NCCN awarded three grants to investigators to support research of bavituximab in combination with other therapeutics. NCCN will be responsible for oversight and monitoring of the studies. Initiation of the trials is expected in early 2017. The three trials include 1) a Phase I trial of sorafenib and bavituximab in addition to Stereotactic Body Radiation Therapy for unresectable hepatitis C associated hepatocellular carcinoma, 2) a Phase I/II trial of bavituximab with radiation and temozolomide for patients with newly diagnosed glioblastoma, and 3) a Phase II study of pembrolizumab and bavituximab for progressive recurrent/ metastatic squamous cell carcinoma of the head and neck.
A major company initiative is to generate clinical data for bavituximab in order to attract a partner who can fund the program. It believes it can achieve this in an effective manner through smaller, biomarker driven studies, including studies where biomarkers play a role in patient selection.
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