Shares of Peregrine Pharmaceuticals (PPHM +24.7%) bounce back hard from yesterday's selloff on...

|About: Peregrine Pharmaceuticals Inc. (PPHM)|By:, SA News Editor

Shares of Peregrine Pharmaceuticals (PPHM +24.7%) bounce back hard from yesterday's selloff on the back of a negative Seeking Alpha article. The stock has been a momentum darling, up nearly 340% since the end of June, mainly on optimism over its cancer drug bavituximab, as defenders of the stock argue that recent Phase II studies show the doubling of tumor response rates, a 50% increase in median progression free survival, and trends toward significant improvement in median overall survival.