Biotech Movers: Peregrine, PharmAthene Climb on Analyst Coverage

by Kyle Woodley | March 11, 2013 8:30 am

[1]Here’s a look at recent major developments and share moves[2] in biotech stocks:

Osiris Therapeutics (NASDAQ:OSIR[3]): Stem cell company Osiris shot up 35% last week after reporting a smaller-than-expected loss for its fourth quarter. The company fell to a loss of $2.6 million (8 cents per share) after recording a $5.05 million (15-cent) profit in the year-ago period, but that beat analyst expectations of a $5 million loss. The company’s $3.1 million in revenues also beat analyst expectations for $2.9 million. Osiris currently has a Phase 3 product, Prochymal, that is being tested for several uses, including as a treatment for Crohn’s disease and heart tissue repair.

Sequenom (NASDAQ:SQNM[4]): SQNM shares dropped by more than 10% Friday morning before clawing back to a 4% loss following disappointing fourth-quarter earnings. While revenues more than doubled to $33.7 million, the company slumped on the earnings side, losing 29 cents — 7 cents worse than the year-ago period’s loss and a nickel short of analyst expectations. The company’s MaterniT21 PLUS prenatal test for Down syndrome helped the revenue performance, but operating expenses grew by more than 50% in the quarter.

Progenics Pharmaceuticals (NASDAQ:PGNX[5]): Progenics climbed 34% last week after reporting positive clinical data[6] from a study of two radiolabeled small molecules targeting prostate-specific membrane antigen. The company said “I-MIP-1072 and I-MIP-1095 had a high sensitivity of lesion detection in bone, tissue and the prostate gland with minimal retention in non-target tissue.” PGNX will use the data to conduct a phase 2 trial for a next-gen prostate cancer diagnostic molecule, MIP-1404.

Peregrine Pharmaceuticals (NASDAQ:PPHM[7]): Peregrine gained 23% last week after a Piper Jaffray analyst initiated coverage on PPHM, giving it an “overweight” rating and setting a $2.50 price target — more than 90% higher than the previous day’s closing price. The analyst cited optimism about two cancer drug candidates: bavituximab, which is being tested as a treatment for both non-small cell lung cancer and pancreatic cancer; and Cotara, which targets brain cancer.

PharmAthene (AMEX:PIP[8]): PharmAthene shares ran up 27% last week following a bullish analyst report released Wednesday[9]. Aegis initiated coverage on PIP with a “buy” rating, setting a $6 price target, or triple its Tuesday closing price. PharmAthene is a biodefense company that produces products to counter biological and chemical weapons, including an anthrax vaccine (SparVax) and treatment (Valortim).

Kyle Woodley[10] is the Deputy Managing Editor of InvestorPlace.com[11]. As of this writing, he did not hold a position in any of the aforementioned securities. Follow him on Twitter at @IPKyleWoodley[12].

Source URL: https://investorplace.com/2013/03/biotech-movers-peregrine-pharmathene-climb-on-analyst-coverage/

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