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