Bavituximab, the potential lung cancer treatment product was termed no reliable by the Peregrine Pharmaceuticals(NASDAQ:PPHM) which led to a sharp fall in the stock prices of the company on Monday.
In a mid-stage trial data it was discovered as a major discrepancy between some patients sample test results and treatment code assignments. The company is studying bavituximab as a second option for non-small cell lung cancer.
With the disclosure of bavituximab on September 7 as an agent of life, the shares for the company jumped. It said that patients who were treated with bavituximab in a mid-stage clinical trial lived twice as long as patients who were treated with only a chemotherapy drug.
But there was a discrepancy in the product. It said the issue won't have an impact on other on-going bavituximab studies.
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Bavituximab is primary studied for treatment of lung cancer. Treatment for cancers of the pancreas, liver, prostate, breast, and for the viral infection for hepatitis C are also conducted.
Analyst Joseph Pantginis, Roth Capital Partners, rerated the shares for the Peregrine from “buy” to “neutral” and downgraded the 12 month price target to 70 cents from $9.
Shares of the Peregrine Pharmaceuticals Inc fell to $1.16, which is more than 75 percent. It showed a more than 68.44 million shares traded, versus a normal trading day of about 4.4 million.
Meanwhile, a government investigation over Questcor Pharmaceuticals, Inc.(NASDAQ:QCOR) led to drop of its shares.
In a SEC filing, did the company knew that it was under government invegilence. According to the filling it said that the firm "became aware of a U.S. government investigation involving the company's promotional practices," and that it intends to cooperate. In prior times it had been criticized of its promotional activities, the latest being Aetna, which decided to cover all but one single product of Acthar.
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According to the company Acthar is one of the treatments which would work for patients not responding to other treatments.
Since May 200, the stocks were first time down to $20 as a result of it’s under invegilence of government. Shares of QCOR slumped 36.67% to close at $19.08 on Monday and made one year low of $18.81.