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It's been a while since I've mentioned Peregrine Pharmaceuticals (NASDAQ:PPHM), but I thought that the highs of April and May were a better time to sell than accumulate, so I left it alone. The mini-run earlier this year was based on a flurry of Press Releases outlining encouraging results from the ongoing Phase II trials that were to be presented at ASCO.

Now that the hype has died down a bit and the stock is back to trading for around three dollars, Peregrine Pharmaceuticals may be worth a look as a "Phase II accumulation" pick, with eyes towards the conclusion of the ongoing trials and the future potential of both Bavituximab and Cotara.

Bavituximab is an anti-tumor antibody that alerts one's immune system to attack the cancerous cells and is being investigated for effectiveness in multiple Phase II trials, including advanced breast cancer and other solid tumor indications. Peregrine is also testing this product for use in fighting infectious diseases, and Phase I trials for Hepatitis C and HIV are ongoing.

Cotara is classed as Tumor Necrosis Therapy [TNT] and carries anti-cancer agents into the core of the tumor, attacking them from the inside out. A Phase II trial testing this product in brain cancer patients is ongoing.

There's a lot of potential with these products, although it's worth keeping in mind that Phase II is a long way from market ,so it's worth it to keep a handful of trading shares in store to take advantage of any sudden spikes, like the one we saw during the April / May time frame.

That said, if either or both of these products make it through Phase III trials, then the share price will most likely be trading for much higher prices, so this stock is worth a look as a good mid to long term cancer pick for the current prices, in my opinion.

There's likely to be some additional volatility associated with this one being that significant news could still be months away, but it's likely that the company could offer up trial results late this year.

I like the potential of PPHM.

Disclosure: Long PPHM.

Source: Peregrine Pharmaceuticals: Good Long Term Potential