Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) shares traded mostly even in value Thursday Dec 22 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks opened mostly flat on Thursday. The Dow Jones Industrial Average DJIA, -0.15% fell 15 points to 19,928, a drop of less than 0.1%. The S&P 500 SPX, -0.22% fell 1 point, or 0.05%, to 2,264. The Nasdaq Composite Index COMP, -0.23% fell 1 point to 5,470.21, essentially unchanged on the day.
Analysts at Zacks Investment Research upgraded shares of Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) from Hold to Buy today. The company currently has a rating of Buy on the shares. A number of other analysts have spoken on the stock in recent days, and the company has earned a consensus one-year price target of $1.25, higher than the opening price of $0.31. Peregrine Pharmaceuticals Inc. stock has a 52-week high of $1.31. Usually, after analysts assign an upgrade report on a stock, they will later issue sporadic revisions, such as a price target change.
Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) shares last traded at $0.31. Opening at $0.31, they fluctuated from $0.31 and $0.31 throughout the day.
Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) now has a market cap of 79.71M.
Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) Average Daily Trading Volume
110,142 shares traded hands yesterday, below the norm, out of a total float 229,462,000. Momentum traders often use upticks in trading volume to identify heavy volume growth or dissemination by institutional investors, so trading volume is likely to increase in the next few days.
However, just a day of high volume buy side trading is not enough to determine a trend. As such, market traders will continue to watch for institutional sponsorship as a cue that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
Trades for Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) have ranged from $0.29 – 1.31, and the stock now has a 50-day MA of $0.31 and 200-day MA of $0.37. Today’s last price is 76.34%% under the 52 week high of $1.31.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors look for companies that have raised their earnings at least 25% or more for a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.