Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) fell about 80% yesterday after the company revealed that there were discrepancies in the data reported on the company’s Phase II trial of its lung-cancer drug bavituximab. That was after the company reported promising results earlier this month.
Today the stock rose as much as 50% as some investors clearly smell a bargain. Peregrine had a similar problem with the data from this trial earlier this year and now faces at least one and probably more lawsuits based on yesterday’s announcement of the bad data.
Another drug maker, Astex Pharmaceuticals Inc. (NASDAQ: ASTX) cancelled trials on its own small-cell lung cancer drug after the company’s Phase II trials failed to meet expectations. Bristol-Meyers Squibb (NYSE: BMY) is working on a different type of drug that has been shown to reduce tumor mass in 18% of lung cancer patients in Phase I trials.
Shares of Peregrine are up 44% at around noon today at $1.67 in a 52-week range of $0.39 to $5.50. Shares closed at $1.16 last night.
Paul Ausick
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
