A biopharmaceutical company with a portfolio of clinical stage and pre-clinical product candidates using monoclonal antibodies for the treatment of cancer and viral diseases.
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Peregrine Pharmaceuticals, Inc. (PPHM), nothing personal, but a 5X rise in 5 weeks has to pop sometime. This is a frequent pattern on a biopharm whose cash burn is 2X its cash on hand. Expect some dilutive financing, wash, rinse, repeat, until hard catalysts are due. I've supported Peregrine in the past and I make no judgement on their long term chances, just on a $0.09 book value with over 100 million shares issued on an equity that was a hairs breath away from a delist or reverse split, but rose from the dredges on no pertinant news.
Short term, retrace, equity financing issue, well below the $2.50 they spiked to.