Peregrine Pharmaceuticals (NASDAQ:PPHM) Up 20% to 19-Month High; Agenus (NASDAQ:AGEN) Soars

Peregrine Pharmaceuticals (NASDAQ:PPHM) is up nearly 20% and reached a 19-month high after the biopharmaceutical company said Wednesday that it will present data from three preclinical studies highlighting the immuno-oncology and anti-viral potential of phosphatidylserine (PS)-targeting antibodies. Results will be presented at two upcoming Keystone Symposia to be held March 9-13.

Shares of Peregrine (NASDAQ:PPHM) are at $2.29, and earlier touched $2.37 – its highest price since August 2012.

Peregrine (NASDAQ:PPHM)’s lead immunotherapy candidate Bavituximab, a first-in-class phosphatidylserine (PS)-targeting monoclonal antibody, is advancing in a Phase III SUNRISE trial for the treatment of second-line non-small cell lung cancer. It is also being evaluated in several solid tumor indications, including non-small cell lung cancer, breast cancer, liver cancer and rectal cancer with a trial in advanced melanoma anticipated to initiate in the near future.

Agenus (NASDAQ:AGEN) is now higher after it earlier reported a Q4 loss that was smaller than expected, although sales failed to meet expectations. Shares are up 5.67% at $5.03, near the 52-week high of $5.40.

The biopharmaceutical company said its Q4 loss attributable to shareholders narrowed to $0.16 per share from a loss of $0.23 the year earlier, beating the $0.24 average loss expected by analysts amid a higher number of shares outstanding this quarter.

Overall, the net loss widened to $5.83 million from $5.64 million a year ago. Sales of Agenus (NASDAQ:AGEN) fell to $0.39 million from $1.1 billion a year ago, missing the $0.84 million consensus estimate.

In Other News

Ignite Restaurant Group (NASDAQ:IRG) is up 4% in Wednesday morning trade following post-bell Tuesday Q4 results that beat analysts’ expectations. The company believes key executive changes and improved unit margin management has the company positioned for the next level of growth.

Ignite Restaurant Group (NASDAQ:IRG), operator of Joe’s Crab Shack, Brick House Tavern + Tap, and Macaroni Grill reported a Q4 adjusted loss of $0.16 per share, compared with the prior-year period’s $0.15 loss per share.

Results beat the analyst consensus estimate of a loss of $0.23 per share as compiled by Capital IQ. Q4 Revenue was $186.9 million, up 66% from $112.6 million in the same quarter last year which includes $88.3 million attributed to the Macaroni Grill acquisition.

This beat street estimate of $184.23 million according to Capital IQ analyst consensus. System-wide comparable restaurant sales for the quarter increased 1.9% at Joe’s Crab Shack and increased 6.6% at Brick House Tavern + Tap.

Comparable sales decreased 9% at Macaroni Grill. Shares are up 3.8% at $12.84 per share recently and trade near the low end of a 52-week price range of $11.26 – $21.28 per share.


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