Peregrine Pharmaceuticals (NASDAQ: PPHM)
Peregrine Pharmaceuticals is having an overwhelmingly strong day in the market today. When the trading session opened, the stock was already trading slightly in the green. However, as the trading session progressed, a good day quickly turned great. Below, we'll talk about what we're seeing from the stock, why, and what we'll be watching for with regard to PPHM ahead.
What We're Seeing From PPHM
As mentioned above, Peregrine Pharmaceuticals is having an incredibly strong day in the market today. After starting the session off slightly green, the stock quickly started to run for the top. After hitting a peak, it dipped a bit, but the gains are still incredible. At the moment (12:10), PPHM is trading at $0.60 per share after a gain of $0.16 per share (36.30%) thus far today.
Why The Stock Is Up
As is almost always the case, our partners at Trade Ideas were the first to inform us of the upward movement on PPHM. As soon as we received the alert, the CNA Finance team started digging to see exactly what was causing the movement. In this particular case, the gains are the result of a data release.
Early this morning, Peregrine Pharmaceuticals released encouraging data from a proof-of-concept study it has been working on. The study surrounds the company's cancer detection platform that's based on cell-derived vesicles known as exosomes.
From the data release, we learned that the PPHM test was able to distinguish between healthy subjects and patients that had ovarian tumors. This was seen through levels of exosomes in plasma samples that contained phosphatidylserine. Investigators also proved the ability to distinguish between benign and malignant tumors. This was done based on an analysis of PS-positive exosome levels.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance will be watching PPHM incredibly closely. In particular, we'll be watching the company's work toward pushing this test to commercial stages. We'll continue to follow the story and bring the news to you as it breaks.
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