Peregrine Pharmaceuticals (PPHM) Falls Despite Positive Mention

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Strangely, recent momentum mover Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) is lower today on perhaps one of only days there is a solid reason for the stock to be higher.

This morning Roth Capital gave the company accolades, adding it to its Focus List.

Despite the positive mention, shares of PPHM are 3.6 percent lower. Shares are up an astonishing 350 percent since the end of June, mainly on the hopes for cancer drug bavituximab. A recent Phase II study showed the doubling of tumor response rates, a 50% increase in median progression free survival, and trends toward significant improvement in median overall survival.

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