Company

Bank

Analyst

Coverage

Opinion

Wk chg

9/28 cls

Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM)

MLV

George Zavoico

Downgrade

Hold (from buy)

-81%

$1.03

Roth Capital Partners

Joseph Pantginis

Downgrade

Neutral (from buy)

Zavoico also removed his target after Peregrine discovered "major discrepancies between some patient sample test results and patient treatment code assignments" in Phase IIb data for bavituximab in second-line non-small cell lung cancer (NSCLC) (see B19). Peregrine said investors should not rely on data reported from the trial, including an announcement in September that bavituximab plus docetaxel significantly improved median overall survival (OS) vs. docetaxel alone. The company is reviewing the source and effect of the discrepancies, but said they "appear to have been associated with the independent third party contracted to code and distribute investigational drug product."

Pantginis also lowered his target to $0.70 from $9 on the bavituximab news.

Questcor Pharmaceuticals Inc. (NASDAQ:QCOR)

Jefferies

Biren Amin

Price target

Hold

-39%

$18.47

Ladenburg Thalmann

Juan Sanchez

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Neutral (from buy)

Leerink

Marko Kozul

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Market perform (from outperform)

Roth Capital Partners

Yale Jen

Price target

Buy

ThinkEquity

James Molloy

Downgrade

Hold (from buy)