UPDATE: MLV Lowers PT on Peregrine Pharmaceuticals to $8.50

MLV is out with its report today on Peregrine Pharmaceuticals PPHM, lowering its PT from $10 to $8.50. In a note to clients, MLV writes, "In our view, Peregrine has made considerable progress in advancing its pipeline and several major catalysts are approaching, however delays have led us to push back product launch from 2014 to 2015. MLV is maintaining its BUY recommendation but decreasing its one-year price target to $8.50 (from $10.00) for Peregrine Pharmaceuticals, Inc." At the time of posting, shares of PPHM were trading at $1.85, down 1.60% from Friday's close.