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Biotech Movers: Peregrine, PharmAthene Climb on Analyst Coverage

BiotechRecap185Here’s a look at recent major developments and share moves in biotech stocks:

Osiris Therapeutics (NASDAQ:OSIR): 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): 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): Progenics climbed 34% last week after reporting positive clinical data 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): 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): PharmAthene shares ran up 27% last week following a bullish analyst report released Wednesday. 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 is the Deputy Managing Editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Follow him on Twitter at @IPKyleWoodley.

Article printed from InvestorPlace Media, https://investorplace.com/2013/03/biotech-movers-peregrine-pharmathene-climb-on-analyst-coverage/.

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