Peregrine Pharmaceuticals(NASDAQ:PPHM)’s shares once again came under pressure after the small retreat. The stock is now down 36% after recovering about 50% earlier this week following a 80% slump in Friday’s session. On Friday, the stock had lost 80% of its value after the survival rates from its lung cancer study reported earlier this month were unreliable. The company The company discovered “major discrepancies” involving patient test results in a mid-stage study of the experimental drug bavituximab. Peregrine blamed a vendor and said it’s reviewing the problem. However, despite the recent fall, the stock is up 100% in the past three-month.
Will PPHM Move Back To it’s Recent Level? Find out Here
IFM Investments Limited (ADR)(NYSE:CTC) is the biggest gainer and soared 42% despite without any news. IFM Investments (Century 21 China) states that its policy is not to comment on unusual market activity.
AspenBio Pharma, Inc.(NASDAQ:APPY) added 30% after the company announced that four members of its nine-member board are resigning amid the diagnostic-product developer's increased focus on its lead product candidate, a blood-based appendicitis test. The company said it is in the process of finding successors but ultimately plans to see a smaller sized board. AspenBio also plans to propose a new name later this year.
Vringo, Inc.(AMEX:VRNG) fell 14.50% to $2.96 without any news. On October 16, erstwhile penny stock company Vringo will take on Internet search giant Google Inc(NASDAQ:GOOG) in a Virginia court as the smaller company will try to convince the court that Google had infringed on its patent search technology.
Yahoo! Inc.(NASDAQ:YHOO) is back on the research radar Goldman Sachs which resumed its coverage of the stock with a buy rating on it and a one-year price target of $22 a share.
"We believe the value of Yahoo's balance sheet assets and the core business are worth more than the current stock price and that capital allocation actions over the coming months will serve as the catalyst to drive that revaluation," said analyst Heath Terry.
Shares of YHOO are up 3%.