Peregrine Pharmaceuticals Inc.’s stock shot up today after it released more trial results on its bavituximab cancer drug candidate.

Shares of the Tustin-based drug developer surged 57% in midday trading to a market value of $355 million.

Peregrine said interim data from its second-phase trial of bavituximab in second-line, non-small-cell lung cancer demonstrated a doubling of median overall survival in parts of the trial that contained the drug candidate. The data was revealed during a presentation at the Chicago Multidisciplinary Symposium in Thoracic Oncology.

The company’s shares have been up and down over the past few months, with double-digit rises and falls. Peregrine boosters are hoping that the new trial results will help the company attract a partner and push it into third-stage development. Peregrine officials have been talking with potential partners in recent months.

Some investors have said Peregrine is overvalued and its stock price rise – shares are up 380% for the year after today’s surge – is based on hype and speculation. They note that a previous study for bavituximab failed.