Apr 14, 2016

Posted by in Biotech Stocks | 0 Comments

Trader’s Round Up: PDL BioPharma Inc (NASDAQ:PDLI), PharmAthene Inc (NYSEMKT:PIP), Peregrine Pharmaceuticals (NASDAQ:PPHM)

Trader’s Round Up: PDL BioPharma Inc (NASDAQ:PDLI), PharmAthene Inc (NYSEMKT:PIP), Peregrine Pharmaceuticals (NASDAQ:PPHM)

PDL BioPharma Inc (NASDAQ:PDLI) surged +3.17% and ended at $3.58. The total traded volume was 1.48 million shares and market capitalization arrived at $609.21 million. The stock has a 52-week high price of $7.39 and its 52-week low was recorded at $2.58, while during last trade its minimum price was $3.46 and it gained the highest price of $3.60.

PDL BioPharma Inc (NASDAQ:PDLI) on March 31, 2016 announced that the Company will hold its annual meeting of stockholders on Thursday, June 2, 2016, at 10:00 a.m. Pacific Time for all stockholders of record on April 8, 2016. The meeting will take place at the Hyatt Regency Hotel in Incline Village, Nevada.

PDL BioPharma, Inc. manages a portfolio of patents and royalty assets in the United States and Europe. The company is involved in the humanization of monoclonal antibodies and the discovery of a new generation of targeted treatments for cancer and immunologic diseases. It offers Queen et al. patents that cover humanized antibodies, methods for humanizing antibodies, polynucleotide encoding in humanized antibodies, and methods of producing humanized antibodies.

PharmAthene Inc (NYSEMKT:PIP) reported the increase of +2.30% to close at $2.22 with the overall traded volume of 1.47 million shares. Its market capitalization on last close reached to $144.86 million. Its beta value stands at 2.28 times. The company has the total of 65.25 million outstanding shares. Its intraday-low price was $2.17 and its hit its day’s highest price at $2.28.

PharmAthene Inc (NYSEMKT:PIP) on April 13, 2016 reported that the U.S. Bankruptcy Court for the Southern District of New York approved a reorganization plan that lays out the terms and conditions under which SIGA Technologies, Inc. will exit from bankruptcy, effective April 12, 2016. The plan was negotiated between SIGA and the Statutory Creditor’s Committee of which PharmAthene is a member. PharmAthene has received a $5 million initial payment from SIGA. The payment is creditable against final satisfaction of PharmAthene’s claim of approximately $205 million plus interest and is not refundable.

Under the plan, PharmAthene’s judgment will be satisfied no later than October 20, 2016 by SIGA in one of the following ways, to be chosen by SIGA:

  • Payment in full in cash of the unpaid balance plus interest that will accrue at 8.75% after Plan approval; or
  • Delivery to PharmAthene of 100% of SIGA’s common stock; or
  • Such other treatment as may be mutually agreed upon by SIGA and PharmAthene and approved by the Court

Peregrine Pharmaceuticals (NASDAQ:PPHM) moved up +8.09% to settle at $0.405. Its total traded volume during last trading session was 1.91 million shares. The overall market worth of this company is about $96.39 million. The 52 week range of the stock remained $0.33 – $1.50, while its day’s lowest price was $0.38 and its hit its day’s highest price at $0.42. The beta of this stock currently stands at 1.32.

Peregrine Pharmaceuticals (NASDAQ:PPHM) on March 9, 2016 total revenues for the third quarter of FY 2016 were $6,709,000, compared to $5,677,000 for the same quarter of the prior fiscal year. The increase was attributed to an increase in contract manufacturing revenue generated from Avid Bioservices.

Contract manufacturing revenue from Avid’s clinical and commercial biomanufacturing services provided to its third-party clients for the third quarter FY 2016 were $6,672,000, compared to $5,677,000 for the same quarter of the prior fiscal year. Peregrine expects third-party contract manufacturing revenue for the entire fiscal year to exceed $40 million.  In addition to providing biomanufacturing services to its third-party clients, Avid will continue to support the clinical manufacturing of bavituximab.

Total costs and expenses in the third quarter of FY 2016 were $23,576,000, compared to $18,699,000 in the third quarter of FY 2015. This increase was primarily attributable to current quarter increases in research and development expenses associated with the increase in manufacturing costs associated with bavituximab, the planned Phase II immuno-oncology combination trial of bavituximab and durvalumab in NSCLC, the Phase II chemotherapy combination trial in breast cancer that was initiated in December 2015 and recently placed on hold, and an increase in the cost of contract manufacturing associated with higher reported revenue. For the third quarter of FY 2016, research and development expenses were $15,156,000, compared to $11,261,000 for the third quarter of FY 2015. For the third quarter of FY 2016, cost of contract manufacturing was $3,896,000, compared to $3,113,000 for the third quarter of FY 2015.  Selling, general and administrative expenses were $4,524,000 for the third quarter of FY 2016 compared to the $4,325,000 for the third quarter of FY 2015.

Peregrine’s consolidated net loss attributable to common stockholders was $18,227,000, or $0.08 per share, for the third quarter of FY 2016, compared to a net loss attributable to common stockholders of $14,027,000, or $0.08 per share, for the same prior year quarter.

Peregrine reported $67,470,000 in cash and cash equivalents as of January 31, 2016 compared to $68,001,000 at fiscal year ended April 30, 2015.

 

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