Is Peregrine Pharmaceuticals (PPHM) A Good Stock To Buy?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually got rid of their positions entirely. Intriguingly, Benjamin A. Smith’s Laurion Capital Management got rid of the biggest position of all the investors monitored by Insider Monkey, valued at about $0.2 million in stock, and Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners was right behind this move, as the fund cut about $0.1 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks similar to Peregrine Pharmaceuticals (NASDAQ:PPHM). These stocks are KLR Energy Acquisition Corp (NASDAQ:KLRE), PRGX Global Inc (NASDAQ:PRGX), pSivida Corp. (NASDAQ:PSDV), and TESSCO Technologies, Inc. (NASDAQ:TESS). This group of stocks’ market valuations resemble PPHM’s market valuation.

As you can see these stocks had an average of 5 hedge funds with bullish positions and the average amount invested in these stocks was $20 million. That figure was $2 million in PPHM’s case. PRGX Global Inc (NASDAQ:PRGX) is the most popular stock in this table. On the other hand TESSCO Technologies, Inc. (NASDAQ:TESS) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks Peregrine Pharmaceuticals (NASDAQ:PPHM) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None