Peregrine Pharmaceuticals (NASDAQ: PPHM), a biopharmaceutical company engaged in the research and development of monoclonal antibodies for the treatment and diagnosis of cancer and viral infections, is down in trading today, following the huge rally in the previous trading session.
PPHM had gained more than 91% on Monday after the company provided an update on the internal review of its Phase II second-line non-small cell lung cancer trial.
PPHM is currently trading 2.05% lower at $2.38 on volume of 24.10 million, which is nearly four times the daily average volume of 6.58 million. The stock is seeing a pullback today on some profit booking. Technical indicators for PPHM are still giving bullish signals. The upward trend could continue if the stock breaks through $3 resistance level.
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Suntech Power Holdings Co. Ltd. (ADR) (NYSE: STP), a China-based solar energy company engaged in the design, development, manufacturing and marketing of photovoltaic (PV) products, is up sharply in mid-day trading today, reversing some of the losses from Monday.
STP fell more than 20% on Monday. The sell-off on Monday came after the stock saw a huge rally last week. STP and other solar stocks had surged last week after Warren Buffett’s investment company acquired two solar projects from SunPower (NASDAQ: SPWR),
At last check, STP was trading 3.38% higher at $1.53 on volume of 4.37 million, which is well above the daily average volume of 3.87 million. Despite Monday’s sell-off, STP is up more than 5%in the last five trading sessions, thanks mainly to the rally last week.
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