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PPHM

Peregrine

$3.63

-0.24 (-6.20%)

08:35
08/11/17
08/11
08:35
08/11/17
08:35

Peregrine reduced overall workforce by 20%, sees FY18 cost savings $3.7M-$4.3M

Peregrine Pharmaceuticals announced that it has reduced its overall workforce by 60 employees, or 20%, as part of its series of planned strategic actions to reduce costs and better position the company to achieve overall profitability while it pursues strategic options for its research and development assets. The company expects the workforce reductions to result in a net cost savings of between $3.7M-$4.3M in FY18 and more than $7M in reduced annualized operating expenses beginning in FY19. As part of the cost saving initiatives, the company reduced Peregrine's R&D personnel by 50% to 11 employees, with the remaining staff supporting potential strategic alternatives for its R&D assets while continuing to assist with collaborative trials, the antibody discovery platform, and the exosome program. Personnel supporting the Avid Bioservices CDMO business, a wholly owned subsidiary of Peregrine Pharmaceuticals, was reduced by 20% to 184 employees to align operations with the reduction in forecasted revenues. In addition, selling, general and administrative personnel was reduced by 8% to 49 employees as the company continues to pursue leaner support operations. The charge to earnings for these personnel reductions will be between $1.1M-$1.7M, all of which is expected to be incurred during Q2 of FY18. Last month, Peregrine announced that as part of its strategic review it intends to expand its board of directors to add new members with CDMO and biologics experience and to commence a search for a dedicated president to head its Avid CDMO business.

  • 08

    Sep

TODAY'S FREE FLY STORIES

USO

United States Oil Fund

$11.35

0.28 (2.53%)

06:48
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Technical Analysis
United States Oil Fund: Pivot points »

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XOP

SPDR Oil Exploration and Production Fund

$35.00

0.7 (2.04%)

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Technical Analysis
SPDR Oil Exploration and Production Fund: Pivot points »

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DGAZ

VelocityShares 3x Inv Natural Gas ETN

$24.56

-1.07 (-4.17%)

06:47
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06:47
Technical Analysis
VelocityShares 3x Inv Natural Gas ETN: Pivot points »

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WCG

WellCare

$198.00

-2.02 (-1.01%)

06:47
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06:47
Recommendations
WellCare analyst commentary  »

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UGAZ

VelocityShares 3x Long Natural Gas ETN

$10.36

0.37 (3.70%)

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VelocityShares 3x Long Natural Gas ETN: Pivot points »

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EWZ

MSCI Brazil Index

$39.83

0.57 (1.45%)

06:46
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MSCI Brazil Index: Pivot points »

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WYY

WidePoint

$0.58

0.0289 (5.27%)

06:46
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06:46
Hot Stocks
WidePoint awarded $4.4M task order by USCIS »

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  • 04

    Dec

EFA

iShares MSCI EAFE Index Fund

$68.91

-0.25 (-0.36%)

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Technical Analysis
iShares MSCI EAFE Index Fund: Pivot points »

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IGT

International Game

$28.54

-0.26 (-0.90%)

06:42
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06:42
Recommendations
International Game analyst commentary  »

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T

AT&T

$34.51

-0.01 (-0.03%)

, TWX

Time Warner

$88.72

0.71 (0.81%)

06:41
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06:41
Periodicals
AT&T stands behind Jeff Zucker despite Trump's CNN criticism, NY Post reports »

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T

AT&T

$34.51

-0.01 (-0.03%)

TWX

Time Warner

$88.72

0.71 (0.81%)

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  • 29

    Nov

INVA

Innoviva

$13.06

0.09 (0.69%)

, GSK

GlaxoSmithKline

$35.06

-0.13 (-0.37%)

06:37
11/20/17
11/20
06:37
11/20/17
06:37
Initiation
Innoviva, GlaxoSmithKline initiated  »

Innoviva initiated with a…

INVA

Innoviva

$13.06

0.09 (0.69%)

GSK

GlaxoSmithKline

$35.06

-0.13 (-0.37%)

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JNK

SPDR Barclays High Yield Bond

$36.79

-0.02 (-0.05%)

06:37
11/20/17
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06:37
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06:37
Technical Analysis
SPDR Barclays High Yield Bond: Pivot points »

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SJB

ProShares Short High Yield

$23.25

-0.02 (-0.09%)

06:36
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Technical Analysis
ProShares Short High Yield: Pivot points »

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AVP

Avon Products

$1.94

0.04 (2.11%)

, COTY

Coty

$17.05

0.2 (1.19%)

06:36
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06:36
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06:36
Recommendations
Avon Products, Coty analyst commentary  »

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AVP

Avon Products

$1.94

0.04 (2.11%)

COTY

Coty

$17.05

0.2 (1.19%)

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LGND

Ligand

$140.31

-1.4 (-0.99%)

06:36
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Downgrade
Ligand rating change  »

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HYG

iShares iBoxx $ High Yield Corporate Bond

$87.47

-0.06 (-0.07%)

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Technical Analysis
iShares iBoxx $ High Yield Corporate Bond: Pivot points »

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LQD

iShares iBoxx $ Investment Grade Corporate Bond

$120.46

0.15 (0.12%)

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Technical Analysis
iShares iBoxx $ Investment Grade Corporate Bond: Pivot points »

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TLT

iShares 20+ Year Treasury Bond Fund

$126.39

0.93 (0.74%)

06:35
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Technical Analysis
iShares 20+ Year Treasury Bond Fund: Pivot points »

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EADSY

Airbus

$24.99

-0.16 (-0.64%)

, BA

Boeing

$262.26

-1.44 (-0.55%)

06:35
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Periodicals
Airbus faces challenges over stalled A380 Emirates deal, Reuters reports »

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EADSY

Airbus

$24.99

-0.16 (-0.64%)

BA

Boeing

$262.26

-1.44 (-0.55%)

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ATCEY

Altice

06:34
11/20/17
11/20
06:34
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06:34
Hot Stocks
Altice: Majority investor Next does not hold any margin loan exposure to Altice »

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SLV

iShares Silver Trust

$16.31

0.19 (1.18%)

06:34
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Technical Analysis
iShares Silver Trust: Pivot points »

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USLV

VelocityShares 3x Long Silver ETN

$12.56

0.45 (3.72%)

06:34
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Technical Analysis
VelocityShares 3x Long Silver ETN: Pivot points »

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ATCEY

Altice

06:34
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Hot Stocks
Breaking Hot Stocks news story on Altice »

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IYR

DJ US Real Estate Index Fund

$82.14

-0.38 (-0.46%)

06:33
11/20/17
11/20
06:33
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06:33
Technical Analysis
DJ US Real Estate Index Fund: Pivot points »

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ATCEY

Altice

, ATUS

Altice USA

$19.86

-0.38 (-1.88%)

06:33
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11/20
06:33
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06:33
Periodicals
Altice says not in preparation of cash raising by means of equity issuance »

Altice N.V. (ATCEY)…

ATCEY

Altice

ATUS

Altice USA

$19.86

-0.38 (-1.88%)

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