Peregrine Pharmaceuticals Soars After Smaller Than Expected Loss

Peregrine Pharmaceuticals

is up on the day after reporting Q4 earnings. The company reported an EPS of $-0.10 vs $-0.13 estimates and revenues $2.1 million vs $2.64 million estimates. Steven W. King, president and chief executive officer of Peregrine said "Since our last quarterly update, we reported transformational data from a robust double-blinded, placebo-controlled Phase II proof-of-principle trial evaluating the potential of bavituximab in treating second-line non-small cell lung cancer patients. The doubling of tumor response rates, a 50% increase in median progression free survival, and trends toward significant improvement in median overall survival strongly support advancing the program toward Phase III development." Peregrine Pharmaceuticals is currently trading at $1.28, up $0.22 or 20.75% on the day.