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NEW YORK (TheStreet) -- Peregrine Pharmaceuticals (PPHM) shares are up 2.78% to $1.49 in after-hours trading on Thursday after the company reported its third quarter financial results after the closing bell today.

The company reported a net loss of $13 million, which translates to a net loss of 8 cents per diluted share, on revenue of $5.7 million. Analysts on average were expecting the company to report a net loss of 8 cents per share on revenue of $4.2 million.

In separate news, the company declared a quarterly dividend of 65.625 cents on its 10.50% series E convertible preferred stock on Tuesday. The dividend is payable April 1 to shareholders of record on March 20.

TheStreet Ratings team rates PEREGRINE PHARMACEUTICLS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate PEREGRINE PHARMACEUTICLS INC (PPHM) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."

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