Feuerstein takes aim at Peregrine Pharmaceuticals

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.

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