Today, one week after the announced positive fiscal year end results, seems that Peregrine Pharmaceuticals (NASDAQ:PPHM
, PPHM message board
) stock exorcises the frustration of investors, resulted by its not so strong price performance since the end of June.
The initial market data shows that PPHM stock entered the market with an 1.19% increase.
The bullish hammer from yesterday almost predicted the strong buy mood of investors at the beginning of today's trading session and the following price upward direction.
After being oversold for almost a month, or maybe underestimated, PPHM stock is trying to quit the uneventful descent.
In support of the optimistic investor mood, it is good to present some information from the last company's financials and the following earnings call from last Wednesday.
The company has three ongoing late stage Phase II trials in oncology, using novel targeted therapies with broad therapeutic potential.
For the fiscal year 2010, PPHM notes a record of $27.9 million in revenues. Year-over-year this represents a 54% increase in revenue, in which the great merit belongs to the company's government contract.
PPHM also reports 12% net loss decline, or $0.30 per share. For a fourth consecutive quarter, PPHM achieved an increase in its cash position. During the fiscal year 2010, the company raised over $26 million in gross proceeds from shares sales. The shares were sold at an average price per share of $3.51.
Yesterday, PPHM stock closed at $1.68, leaving the hope to investors that they will no longer be frustrated with the current stock price performance.