Peregrine Pharmaceuticals, Inc.
) reported a net loss of 4 cents per share in the third quarter
of fiscal 2013 (ended Jan 31, 2013), narrower than the year-ago
loss of 13 cents and the Zacks Consensus Estimate of a loss of 6
cents per share.
Revenues increased 114.5% to $7.0 million, beating the Zacks
Consensus Estimate of $4 million. Increase in revenues reflected
the increase in the contract manufacturing revenue.
Avid Bioservices, a Peregrine subsidiary, posted a 117.3%
increase in revenues to $7.0 million. This was driven by a
higher number of completed manufacturing runs. For fiscal 2013,
Peregrine expects contract manufacturing revenue to be at least
Total costs and expenses decreased 15.1% during the third quarter
of fiscal 2013 to $12.2 million. Research and development
expenses decreased 40.8% to $5.4 million and selling, general and
administrative expenses were up 14.8% to $3.1 million.
We note, in Feb 2013, Peregrine announced encouraging top-line
data on its key pipeline candidate, bavituximab from a phase II
trial that was conducted in patients with second-line non-small
cell lung cancer (NSCLC).
Peregrine Pharma also intends to enter into discussions with
regulatory bodies including a meeting with the FDA during the
second quarter of calendar 2013. The company is looking to move
the candidate into phase III for NSCLC by year end.
Peregrine Pharma is also evaluating bavituximab in other oncology
indications. We expect investor focus to remain on updates on the
future development path for bavituximab.
Peregrine Pharma currently carries a Zacks Rank #3 (Hold).
Biopharma companies that currently look more attractive include
Array BioPharma Inc.
). While Cytokinetics is a Zacks Rank #1 (Strong Buy) stock,
Array is a Zacks Rank #2 (Buy) stock.
Another company that currently looks well-positioned is
Osiris Therapeutics, Inc.
). Osiris is also a Zacks Rank #1 stock.
ARRAY BIOPHARMA (ARRY): Free Stock Analysis
CYTOKINETCS INC (CYTK): Free Stock Analysis
OSIRIS THERAPTC (OSIR): Free Stock Analysis
PEREGRINE PHARM (PPHM): Free Stock Analysis
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