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Peregrine Pharmaceuticals (PPHM) Surged To Over A 3-Month High After Review

Peregrine Pharmaceuticals (PPHM: Quote) announced the results from its internal review of discrepancies from its Phase II placebo-controlled trial of bavituximab in second-line non-small cell lung cancer in 121 patients Monday morning. The review indicates that discrepancies are isolated to the placebo and 1 mg/kg treatment arms of the trial and that there was no evidence of discrepancies in the 3 mg/kg treatment arm of the trial.

Peregrine Pharmaceuticals gapped open higher Monday and climbed throughout the first 2 hours of trade. Shares finished up by 1.08 at $2.43, with volume at over a 3-month high. The stock surged to its highest level since late September.

by RTT Staff Writer

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