Peregrine Pharma Shares Plunge and 4 Heavily Traded Shares in Action

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Zynga (NASDAQ:ZNGA) has four of the top five spots on the week’s list of the fastest-growing Facebook games by monthly active user.  Zynga Slingo (which has been seeing a dramatic upswing in traffic recently) snagged the first spot, with 7.8 million MAU representing an 18 percent gain.

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Veeco Instruments, Inc. (NYSE:VECO) shares are trading lower on Monday following the reduction of the stock’s rating to Sell from Neutral by Goldman Sachs analyst Brian Lee. He gives the stock a price target of $27, and last week the stock closed at $34.96.

Peregrine Pharmaceuticals (NASDAQ:PPHM) shares saw a huge fall of up to 85 percent on Monday following its reports that previously released results from a mid-stage cancer drug study lacked reliability due to a third-party error in conducting the study. Because of the news, a 10-fold rise in Peregrine’s stock price during the summer was lost, and the news removed nearly a half-billion dollars in market value. Peregrine shares recently saw a decline of 75 percent to $1.34.

Insmed Incorporated (NASDAQ:INSM) announced the resignation of President and CEO Tim Whitten, and Will Lewis has taken the responsibility of the position. Whitten also decided to resign from the company’s board of directors. He was president and CEO of the company for six years, and it did not give a reason for his resignation.

QuinStreet, Inc. (NASDAQ:QNST): In May, FastTrain College was raided by the FBI due to allegations of fraudulent marketing practices. In June, 20 state attorneys general required the company to completely shut down GIBill.com, which is a website deceiving numerous veterans into thinking that it was a government website offering unbiased education advice, but it was truly a deceitful site for for-profit colleges. Both FastTrain and QuinStreet are still APSCU members. The Justice Department filed a 47-page civil complaint in federal court in Texas which claims that the trade school ATI defrauded the government, and Dallas TV reporter Byron Harris continued his attempts to reveal ATI’s fraudulent practices for years, but the new federal suit reveals multitudes about the manner in which ATI, with campuses located in Texas, Oklahoma, New Mexico, and Florida, has abused students, taxpayers, and authorities.

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