- Adam Feuerstein rips Peregrine Pharmaceuticals (PPHM) on the heels of the company's Q1 report.
- Citing CEO Steven King's assertion that "there has been significant interest in the results presented at ASCO showing an 84% tumor response rate in HER2-negative breast cancer patients," Feuerstein shows a chart of the stock's performance since ASCO compared to the performance of Nasdaq Biotech Index: NBI +15%, PPHM -14.8%.
- After a swipe at the company's revenue growth record, Feuerstein notes that a Phase 3 second-line lung cancer trial will likely cost $60M while the company only has $41.6M in cash. Feuerstein's conclusion: Expect the number of shares outstanding to move "up and to the right."
- For those who prefer to judge the situation for themselves, see the earnings PR and the conference call transcript.
Feuerstein takes aim at Peregrine Pharmaceuticals
Sep 10 2013, 16:20 ET