Shares of Peregrine Pharmaceuticals (PPHM +15%) are surging on no specific news today. Piper initiated the shares with an Overweight earlier this week - which gave the stock a +9% pop - citing optimism over its two novel cancer drug candidates, bavituximab and Cotara. Further data on overall survival rates for bavituximab are expected to be presented at an upcoming scientific meeting later this year.
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