Shares of Peregrine Pharmaceuticals soared up to 33% intraday before closing with a still impressive 19% gain, thanks to the announcement that the FDA green-lit bavituximab's phase 3 non-small-cell lung cancer trial. 

In this video, health-care analyst David Williamson discusses whether the FDA decision justified this type of bullish enthusiasm and whether Peregrine is doing right by investors in starting this trial, given bavituximab's phase 2 troubles.

Follow David on Twitter: @MotleyDavid.