Peregrine Pharmaceuticals Earnings: Here’s Why Investors Like These Results
Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) had a loss and met 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 2.68%.
Peregrine Pharmaceuticals Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.06 in the quarter versus EPS of $-0.10 in the year-earlier quarter.
Revenue: Rose 105.31% to $4.25 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Peregrine Pharmaceuticals Inc. reported adjusted EPS loss of $0.06 per share. By that measure, the company met the mean analyst estimate of $-0.06. It beat the average revenue estimate of $3.57 million.
Quoting Management: “The combination of preclinical data supporting bavituximab’s immunotherapeutic mechanism of action presented at AACR, compelling second-line NSCLC data presented at ASCO and reaching the recent agreement with the FDA on a pivotal Phase III design have helped transform our bavituximab clinical program. We are now focused on initiating this Phase III trial in second-line NSCLC by the end of the year while simultaneously evaluating new areas of opportunity based on the enhanced understanding we now have of bavituximab’s mechanism of action,” said Steven W. King, president and chief executive officer of Peregrine. “This increased knowledge further supports the combination with docetaxel that we are pursuing in Phase III while opening the door to multiple new potential combinations that were not previously explored. These developments have initiated new partnering opportunities as well as increased interest amongst current partnership discussions surrounding the bavituximab program which continue while we execute this supplemental development strategy.”
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