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10 Pharma Stocks Under $3

1. Peregrine Pharmaceuticals (PPHM) is a clinical-stage biopharmaceutical company engaged in developing monoclonal antibodies for the treatment of cancer and viral infections. The company is advancing its Phase-II oncology platforms, as well as its Phase-I hepatitis C virus (HCV) program.

Net loss for the fourth quarter of 2011 is forecast at $10 million on sales of $2.4 million, compared to a loss of $7.7 million on $4.4 million sales recorded during 2010 third quarter, as per a Bloomberg consensus. Loss per share is pegged at 10 cents, down from 16 cents per share reported during the comparable quarter last year.

Net loss for full year 2011 is forecast at $34.1 million on sales of $13.2 million, compared to a loss of $14.5 million on $27.9 million sales recorded during the previous year, according to a Bloomberg consensus. Loss per share is pegged at 53 cents, up from 30 cents per share reported for full year 2010.

The company recently announced the initiation of an investigator-sponsored trial (IST) for patients with castration-resistant prostate cancer (CRPC). Peregrine's fourth IST, or Phase I/II trial will treat up to 31 second-line CRPC patients with Peregrine's investigational monoclonal antibody bavituximab in combination with the chemotherapeutic agent cabazitaxel.

Of the three analysts covering the stock, 67% recommend a buy, while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate 474.7% upside to $10 in value from current levels.

>>To see these stocks in action, visit the 10 Pharma Stocks Under $3 portfolio on Stockpickr.

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