Life Tech Capital Reiterates Strong Buy on Peregrine Pharma (PPHM)

Life Tech Capital is out with a research report this afternoon, where it reiterates its Strong Speculative Buy rating on Peregrine Pharmaceuticals

; it has a $5.00 price target on the stock. The LTC analysts cited a rebound in PPHM's contract manufacturing revenues as well as an extension of a government contract for their rating. The analysts also noted that Bavituximab 1st and 2nd line Phase II trials in NSCLC are expected to complete enrollment mid-2011 with data from both trials by year-end 2011. As for valuation, the JPM analysts said, “Our 12-18 month target price of $5.00 is based on 30x estimated 2015 EPS discounted 50% for cumulative risk.”