BioTuesdays - Roth ups Peregrine price target to $7
Roth ups Peregrine price target to $7
June 3, 2013 by leonardzehr · Leave a Comment
Roth Capital Partners has raised its price target for “buy-rated” Peregrine Pharmaceuticals (NASDAQ:PPHM) to $7 from $4 after the company presented final survival data at ASCO from a Phase 2 study in 2nd-line lung cancer with bavituximab. The stock closed at $1.65 on Friday.
“Overall survival was an encouraging: 11.7 months in the 3 mg/kg arm (unaffected by the prior third party coding errors) and 7.3 months for pooled 1 mg/kg and control arms,” writes analyst Joseph Pantginis.
“We believe the final lung data puts the final piece in place for the planned bavituximab Phase 3 program starting by the end of the year,” he said, adding that the first key piece in place came recently with the announcement that the FDA has agreed to the Phase 3 design.
Mr. Pantginis said discussions with Peregrine shed further positive light on the recent interactions with the FDA. “In short, the interaction was very clean and timelines were kept very tight in the end. The company outlined their entire analysis of the study discrepancies and for the entire study and the FDA did not raise any question regarding the pooling of the 1 mg/kg and control arms. Based on the data and the size of the safety database, the design was cleared to move forward,” he added.
Mr. Pantginis said management has been in discussions with prospective partners and “we believe the final data at ASCO and the FDA agreement and visibility should represent the final potential triggers to conclude a deal.”