Ruffled feathers
Peregrine still well above 52-week low after plummeting on cancer data surprise
Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) is still trading well above its 52-week low despite last week's 81% tumble due to discrepancies in Phase IIb results for lead candidate bavituximab in second-line non-small cell lung cancer. Investors may be pinning hopes on upcoming Phase II data for first-line NSCLC and first-line pancreatic cancer. One group of lenders, however, already has jumped ship.
On Monday, Peregrine told investors to no longer rely on data from the Phase IIb trial after the company found "major discrepancies between some patient sample test results and patient treatment code assignments" associated with a third party contractor. The company would not explain further; nor would it provide details about the discrepancies, citing an ongoing investigation...