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Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 5.06%.
Peregrine Pharmaceuticals Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.04 in the quarter versus EPS of $-0.13 in the year-earlier quarter.
Revenue: Rose 114.63% to $7.04 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Peregrine Pharmaceuticals Inc. reported adjusted EPS loss of $0.04 per share. By that measure, the company beat the mean analyst estimate of $-0.07. It beat the average revenue estimate of $3.9 million.
Quoting Management: “A key development this quarter was reporting updated data from our second-line non-small cell lung cancer trial that showed a meaningful improvement in median overall survival in the high dose bavituximab arm that we believe clearly supports advancing the program into Phase III. We are now actively preparing for a meeting with the FDA as part of our plans to initiate the Phase III trial by year-end,” said Steven W. King, president and chief executive officer of Peregrine. “These results, along with the promising signs of anti-tumor activity we reported from our Phase II trial in front-line pancreatic cancer, are helping further guide the upcoming development of bavituximab with its broad potential in oncology. We are continuing to update potential partners on the new data as well as our plans for advancing the program.”
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