Life Tech Capital is out with a research report this afternoon, where it reiterates its Strong Speculative Buy rating on Peregrine Pharmaceuticals PPHM; it has a $5.00 price target on the stock.
The LTC analysts cited a rebound in PPHM's contract manufacturing revenues as well as an extension of a government contract for their rating.
The analysts also noted that Bavituximab 1st and 2nd line Phase II trials in
NSCLC are expected to complete enrollment mid-2011 with data from both trials by year-end 2011.
As for valuation, the JPM analysts said, “Our 12-18 month target price of $5.00 is based on 30x estimated 2015 EPS discounted 50% for cumulative risk.”
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