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The Nasdaq Now: Dramatic Highs and Lows for Peregrine Pharmaceuticals (NASDAQ:PPHM)


Genetic Technologies and Questcor Pharmaceuticals are up on the day.

MINYANVILLE ORIGINAL It's a bullish day overall for US markets, with investors buoyed by stronger-than-expected housing and consumer confidence reports. The Nasdaq Composite (INDEXNASDAQ:.IXIC) is up a slight notch, gaining 0.22% to 3,167.72 on average volume of 791.66 million..

The day's volume leader thus far is Peregrine Pharmaceuticals (NASDAQ:PPHM), which has had a topsy-turvy day, to say the least. After announcing that the phase 2 clinical trial results for its drug, bavituximab, were not to be trusted, Peregrine collapsed and fell as low as $1.23 before dramatically swinging up to $.87. It is at $1.68 (+44.83%) as of 12:09 p.m. EDT.

Genetic Technologies (NASDAQ:GENE) also leaps 17.91% to $3.95 on its announcement that its breast cancer treatment BREVAGen has been approved for the Florida market.

After a tough Monday session, Questcor Pharmaceuticals (NASDAQ:QCOR) recovers 0.37% to $19.15. Still, the news that the FDA is investigating the company's marketing practices will weigh on shareholders.

Zillow (NASDAQ:Z) is one of the biggest losers of the day, dropping 5.62% to $41.92. On its website, Citron Research put down the online real estate marketplace operator, saying that its business model was "ridiculous."

Staples (NASDAQ:SPLS) also dips 3.44% to $11.93 after its announced restructuring plans. The largest US office supplies chain will close 45 stores in Europe and hasten the closing of 15 in the US so as to save $250 million per year.

Paychex (NASDAQ:PAYX) is down 1.98% to $33.70 after both UBS and Citigroup downgraded shares of the data-processing technology company to Sell.

Twitter: @sterlingwong
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