Intrinsic value of Peregrine Pharmaceuticals - PPHM

Previous Close

$3.20

  Intrinsic Value

$0.05

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

-67%

Previous close

$3.20

 
Intrinsic value

$0.05

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

-67%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PPHM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  66.67
  57.10
  51.89
  47.20
  42.98
  39.18
  35.76
  32.69
  29.92
  27.43
  25.18
  23.17
  21.35
  19.71
  18.24
  16.92
  15.73
  14.65
  13.69
  12.82
  12.04
  11.33
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
Revenue, $m
  45
  71
  107
  158
  226
  315
  427
  567
  736
  938
  1,174
  1,446
  1,755
  2,101
  2,485
  2,905
  3,362
  3,854
  4,382
  4,944
  5,539
  6,167
  6,827
  7,518
  8,241
  8,996
  9,782
  10,600
  11,452
  12,337
  13,256
Variable operating expenses, $m
 
  94
  143
  211
  301
  419
  569
  755
  981
  1,250
  1,565
  1,928
  2,340
  2,801
  3,312
  3,872
  4,481
  5,138
  5,841
  6,590
  7,383
  8,220
  9,100
  10,022
  10,986
  11,991
  13,040
  14,130
  15,265
  16,445
  17,670
Fixed operating expenses, $m
 
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
Total operating expenses, $m
  101
  137
  187
  256
  347
  467
  618
  805
  1,032
  1,302
  1,619
  1,983
  2,396
  2,859
  3,371
  3,933
  4,543
  5,202
  5,907
  6,657
  7,452
  8,291
  9,172
  10,096
  11,062
  12,069
  13,120
  14,212
  15,349
  16,531
  17,758
Operating income, $m
  -56
  -67
  -80
  -98
  -122
  -152
  -191
  -239
  -296
  -365
  -445
  -537
  -641
  -758
  -887
  -1,028
  -1,182
  -1,347
  -1,525
  -1,713
  -1,913
  -2,124
  -2,346
  -2,578
  -2,820
  -3,073
  -3,337
  -3,612
  -3,897
  -4,194
  -4,502
EBITDA, $m
  -54
  -64
  -75
  -91
  -112
  -139
  -172
  -214
  -264
  -324
  -394
  -474
  -565
  -667
  -779
  -902
  -1,036
  -1,181
  -1,335
  -1,499
  -1,673
  -1,857
  -2,050
  -2,252
  -2,463
  -2,684
  -2,914
  -3,153
  -3,401
  -3,660
  -3,928
Interest expense (income), $m
  0
  0
  1
  2
  4
  7
  11
  16
  21
  28
  37
  46
  58
  70
  85
  101
  118
  137
  157
  179
  202
  227
  253
  280
  308
  338
  369
  402
  436
  471
  507
Earnings before tax, $m
  -56
  -67
  -81
  -100
  -126
  -160
  -202
  -254
  -318
  -393
  -481
  -583
  -699
  -828
  -971
  -1,129
  -1,300
  -1,484
  -1,682
  -1,892
  -2,115
  -2,351
  -2,598
  -2,857
  -3,129
  -3,412
  -3,707
  -4,014
  -4,333
  -4,665
  -5,010
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -56
  -67
  -81
  -100
  -126
  -160
  -202
  -254
  -318
  -393
  -481
  -583
  -699
  -828
  -971
  -1,129
  -1,300
  -1,484
  -1,682
  -1,892
  -2,115
  -2,351
  -2,598
  -2,857
  -3,129
  -3,412
  -3,707
  -4,014
  -4,333
  -4,665
  -5,010

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  109
  93
  141
  207
  296
  412
  560
  743
  965
  1,229
  1,539
  1,896
  2,300
  2,754
  3,256
  3,807
  4,406
  5,052
  5,743
  6,479
  7,259
  8,082
  8,947
  9,853
  10,801
  11,790
  12,821
  13,893
  15,009
  16,168
  17,374
Adjusted assets (=assets-cash), $m
  48
  93
  141
  207
  296
  412
  560
  743
  965
  1,229
  1,539
  1,896
  2,300
  2,754
  3,256
  3,807
  4,406
  5,052
  5,743
  6,479
  7,259
  8,082
  8,947
  9,853
  10,801
  11,790
  12,821
  13,893
  15,009
  16,168
  17,374
Revenue / Adjusted assets
  0.938
  0.763
  0.759
  0.763
  0.764
  0.765
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
Average production assets, $m
  20
  31
  46
  68
  98
  136
  185
  245
  319
  406
  508
  626
  760
  910
  1,076
  1,258
  1,456
  1,669
  1,897
  2,141
  2,398
  2,670
  2,956
  3,255
  3,568
  3,895
  4,236
  4,590
  4,959
  5,342
  5,740
Working capital, $m
  24
  -7
  -11
  -16
  -23
  -31
  -43
  -57
  -74
  -94
  -117
  -145
  -176
  -210
  -248
  -290
  -336
  -385
  -438
  -494
  -554
  -617
  -683
  -752
  -824
  -900
  -978
  -1,060
  -1,145
  -1,234
  -1,326
Total debt, $m
  0
  24
  68
  127
  208
  312
  445
  609
  809
  1,048
  1,326
  1,647
  2,011
  2,420
  2,872
  3,368
  3,906
  4,487
  5,110
  5,773
  6,474
  7,215
  7,993
  8,809
  9,662
  10,552
  11,480
  12,445
  13,449
  14,493
  15,577
Total liabilities, $m
  59
  83
  127
  186
  267
  371
  504
  668
  868
  1,107
  1,385
  1,706
  2,070
  2,479
  2,931
  3,427
  3,965
  4,546
  5,169
  5,832
  6,533
  7,274
  8,052
  8,868
  9,721
  10,611
  11,539
  12,504
  13,508
  14,552
  15,636
Total equity, $m
  50
  9
  14
  21
  30
  41
  56
  74
  96
  123
  154
  190
  230
  275
  326
  381
  441
  505
  574
  648
  726
  808
  895
  985
  1,080
  1,179
  1,282
  1,389
  1,501
  1,617
  1,737
Total liabilities and equity, $m
  109
  92
  141
  207
  297
  412
  560
  742
  964
  1,230
  1,539
  1,896
  2,300
  2,754
  3,257
  3,808
  4,406
  5,051
  5,743
  6,480
  7,259
  8,082
  8,947
  9,853
  10,801
  11,790
  12,821
  13,893
  15,009
  16,169
  17,373
Debt-to-equity ratio
  0.000
  2.630
  4.810
  6.150
  7.010
  7.570
  7.950
  8.210
  8.390
  8.520
  8.620
  8.690
  8.740
  8.790
  8.820
  8.850
  8.870
  8.880
  8.900
  8.910
  8.920
  8.930
  8.930
  8.940
  8.950
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
Adjusted equity ratio
  -0.229
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -56
  -67
  -81
  -100
  -126
  -160
  -202
  -254
  -318
  -393
  -481
  -583
  -699
  -828
  -971
  -1,129
  -1,300
  -1,484
  -1,682
  -1,892
  -2,115
  -2,351
  -2,598
  -2,857
  -3,129
  -3,412
  -3,707
  -4,014
  -4,333
  -4,665
  -5,010
Depreciation, amort., depletion, $m
  2
  3
  5
  7
  10
  14
  18
  25
  32
  41
  51
  63
  76
  91
  108
  126
  146
  167
  190
  214
  240
  267
  296
  326
  357
  390
  424
  459
  496
  534
  574
Funds from operations, $m
  -30
  -64
  -76
  -93
  -116
  -146
  -183
  -230
  -286
  -353
  -431
  -521
  -623
  -737
  -864
  -1,003
  -1,154
  -1,317
  -1,492
  -1,678
  -1,875
  -2,084
  -2,303
  -2,532
  -2,772
  -3,022
  -3,283
  -3,555
  -3,837
  -4,131
  -4,436
Change in working capital, $m
  10
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -27
  -31
  -35
  -38
  -42
  -46
  -49
  -53
  -56
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -85
  -88
  -92
Cash from operations, $m
  -40
  -61
  -72
  -88
  -109
  -137
  -172
  -216
  -269
  -332
  -407
  -493
  -592
  -702
  -825
  -961
  -1,108
  -1,268
  -1,439
  -1,622
  -1,816
  -2,021
  -2,237
  -2,463
  -2,699
  -2,947
  -3,204
  -3,473
  -3,752
  -4,042
  -4,344
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -7
  -10
  -14
  -18
  -25
  -32
  -41
  -51
  -63
  -76
  -91
  -108
  -126
  -146
  -167
  -190
  -214
  -240
  -267
  -296
  -326
  -357
  -390
  -424
  -459
  -496
  -534
New CAPEX, $m
  -9
  -11
  -16
  -22
  -29
  -38
  -49
  -60
  -73
  -87
  -102
  -118
  -134
  -150
  -166
  -182
  -198
  -213
  -228
  -243
  -258
  -272
  -286
  -299
  -313
  -327
  -340
  -354
  -369
  -383
  -398
Cash from investing activities, $m
  -9
  -13
  -19
  -27
  -36
  -48
  -63
  -78
  -98
  -119
  -143
  -169
  -197
  -226
  -257
  -290
  -324
  -359
  -395
  -433
  -472
  -512
  -553
  -595
  -639
  -684
  -730
  -778
  -828
  -879
  -932
Free cash flow, $m
  -49
  -74
  -91
  -115
  -146
  -185
  -234
  -295
  -367
  -452
  -550
  -662
  -788
  -928
  -1,082
  -1,250
  -1,432
  -1,627
  -1,835
  -2,055
  -2,288
  -2,533
  -2,789
  -3,058
  -3,338
  -3,630
  -3,934
  -4,251
  -4,579
  -4,921
  -5,276
Issuance/(repayment) of debt, $m
  0
  24
  43
  60
  80
  104
  133
  165
  200
  238
  279
  321
  364
  408
  452
  496
  539
  581
  622
  663
  702
  741
  778
  816
  853
  890
  927
  965
  1,004
  1,044
  1,085
Issuance/(repurchase) of shares, $m
  46
  76
  86
  107
  135
  171
  217
  272
  340
  420
  512
  619
  739
  873
  1,022
  1,184
  1,360
  1,549
  1,751
  1,966
  2,193
  2,433
  2,685
  2,948
  3,223
  3,511
  3,810
  4,121
  4,444
  4,781
  5,130
Cash from financing (excl. dividends), $m  
  46
  100
  129
  167
  215
  275
  350
  437
  540
  658
  791
  940
  1,103
  1,281
  1,474
  1,680
  1,899
  2,130
  2,373
  2,629
  2,895
  3,174
  3,463
  3,764
  4,076
  4,401
  4,737
  5,086
  5,448
  5,825
  6,215
Total cash flow (excl. dividends), $m
  -3
  26
  37
  52
  69
  90
  115
  143
  173
  206
  241
  278
  315
  353
  391
  429
  466
  503
  539
  574
  608
  641
  674
  706
  738
  770
  803
  836
  869
  903
  939
Retained Cash Flow (-), $m
  9
  -76
  -86
  -107
  -135
  -171
  -217
  -272
  -340
  -420
  -512
  -619
  -739
  -873
  -1,022
  -1,184
  -1,360
  -1,549
  -1,751
  -1,966
  -2,193
  -2,433
  -2,685
  -2,948
  -3,223
  -3,511
  -3,810
  -4,121
  -4,444
  -4,781
  -5,130
Prev. year cash balance distribution, $m
 
  50
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  -48
  -55
  -66
  -81
  -102
  -130
  -167
  -213
  -271
  -341
  -424
  -520
  -630
  -755
  -893
  -1,046
  -1,212
  -1,392
  -1,586
  -1,792
  -2,011
  -2,242
  -2,485
  -2,740
  -3,007
  -3,285
  -3,575
  -3,877
  -4,191
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  0
  -44
  -48
  -54
  -63
  -74
  -88
  -104
  -123
  -142
  -162
  -181
  -198
  -212
  -222
  -227
  -228
  -223
  -214
  -202
  -185
  -167
  -147
  -127
  -107
  -88
  -71
  -55
  -42
  -32
Current shareholders' claim on cash, %
  100
  50.0
  26.0
  14.8
  8.9
  5.7
  3.7
  2.5
  1.7
  1.2
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Peregrine Pharmaceuticals, Inc., a biopharmaceutical company, researches and develops monoclonal antibodies for the treatment of cancer in the United States. ItÂ’s lead immunotherapy candidate bavituximab, a monoclonal antibody that targets and binds to phosphatidylserine. The company also provides integrated current good manufacturing practices services from cell line development to commercial bio manufacturing for its third-party customers. In addition, its services comprise cGMP clinical and commercial manufacturing utilizing stainless steel and single use bioreactor technology, purification, bulk packaging, stability testing, regulatory strategy and related support. The company has license agreements with the University of Texas Southwestern Medical Center at Dallas; Genentech, Inc.; Avanir Pharmaceuticals, Inc.; Lonza Biologics; Affitech A/S; Merck KGaA; and National Comprehensive Cancer Network, as well as collaboration agreement with AstraZeneca PLC and Memorial Sloan Kettering Cancer Center. Peregrine Pharmaceuticals, Inc. was founded in 1981 and is headquartered in Tustin, California.

FINANCIAL RATIOS  of  Peregrine Pharmaceuticals (PPHM)

Valuation Ratios
P/E Ratio -13.5
Price to Sales 16.8
Price to Book 15.2
Price to Tangible Book
Price to Cash Flow -19
Price to Free Cash Flow -15.5
Growth Rates
Sales Growth Rate 66.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 55.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -54.4%
Ret/ On Assets - 3 Yr. Avg. -53%
Return On Total Capital -102.8%
Ret/ On T. Cap. - 3 Yr. Avg. -85.9%
Return On Equity -102.8%
Return On Equity - 3 Yr. Avg. -85.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 48.9%
Gross Margin - 3 Yr. Avg. 43.5%
EBITDA Margin -120%
EBITDA Margin - 3 Yr. Avg. -152%
Operating Margin -124.4%
Oper. Margin - 3 Yr. Avg. -157.8%
Pre-Tax Margin -124.4%
Pre-Tax Margin - 3 Yr. Avg. -156.2%
Net Profit Margin -124.4%
Net Profit Margin - 3 Yr. Avg. -156.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -7.1%

PPHM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PPHM stock intrinsic value calculation we used $45 million for the last fiscal year's total revenue generated by Peregrine Pharmaceuticals. The default revenue input number comes from 2016 income statement of Peregrine Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PPHM stock valuation model: a) initial revenue growth rate of 57.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PPHM is calculated based on our internal credit rating of Peregrine Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Peregrine Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PPHM stock the variable cost ratio is equal to 133.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $42 million in the base year in the intrinsic value calculation for PPHM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Peregrine Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Peregrine Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PPHM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PPHM are equal to 43.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Peregrine Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PPHM is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $50 million for Peregrine Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 272.583 million for Peregrine Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Peregrine Pharmaceuticals at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Peregrine Provides Strategic Update   [Jul-31-17 08:30AM  GlobeNewswire]
▶ Peregrine reports 4Q loss   [Jul-14-17 09:51PM  Associated Press]
▶ Top 10 Penny Stocks To Buy in 2017   [Jun-29-17 12:26PM  Insider Monkey]
▶ Peregrine reports 3Q loss   [Mar-13-17 04:56PM  Associated Press]
▶ Peregrine Cancer Test Clears Proof of Concept   [Feb-10-17 12:43PM  at Investopedia]
▶ Heat Biologics to reap benefit of new biotech   [Jan-17-17 11:08AM  at bizjournals.com]
▶ 5 Biotech Penny Stocks Smart Money Is Piling On   [Oct-23-16 04:23PM  at Insider Monkey]
▶ Peregrine Results Reaffirm On-Track Revenue Projection (PPHM)   [Sep-09-16 10:00PM  at Investopedia]
Stock chart of PPHM Financial statements of PPHM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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