McNicoll, Lewis & Vlak Maintains Peregrine Pharmaceuticals Buy, PT

McNicoll, Lewis & Vlak maintained its Peregrine Pharmaceuticals PPHM Buy rating and $8.50 price target in a research report published today. In the report, McNicoll, Lewis & Vlak states, "Currently, Peregrine is conducting three randomized Phase II trials of Bavi in combination with existing chemotherapeutic agents in non-small cell lung cancer (NSCLC) and pancreatic cancer. An investigator-sponsored Phase I trial of Bavi with paclitaxel in HER2-negative metastatic breast cancer patients is also underway. In our view, accumulating evidence suggests to us that Bavi is an active drug with the potential of substantially prolonging median OS when used in combination with other agents in a wide variety of cancers. We expect results from randomized trials currently underway to confirm this view." Shares of Peregrine Pharmaceuticals were trading at $1.52 at the time of posting, up 16.04% from Tuesday's market close.