Progenics Pharmaceuticals Inc. (PGNX) Receives “Buy” Rating from Jefferies Group
Progenics Pharmaceuticals Inc. (NASDAQ:PGNX)‘s stock had its “buy” rating restated by investment analysts at Jefferies Group in a research report issued to clients and investors on Tuesday. They presently have a $10.00 target price on the stock, up from their previous target price of $9.00. Jefferies Group’s target price suggests a potential upside of 74.83% from the company’s previous close.
Several other equities research analysts have also weighed in on PGNX. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Progenics Pharmaceuticals in a research note on Friday, July 22nd. Zacks Investment Research upgraded Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, July 7th. BTIG Research reiterated a “buy” rating and issued a $9.00 price objective on shares of Progenics Pharmaceuticals in a research note on Wednesday, July 20th. Finally, Brean Capital reiterated a “buy” rating and issued a $14.00 price objective on shares of Progenics Pharmaceuticals in a research note on Friday, July 22nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $9.55.
Progenics Pharmaceuticals (NASDAQ:PGNX) traded down 1.57% during mid-day trading on Tuesday, hitting $5.63. The stock had a trading volume of 508,528 shares. Progenics Pharmaceuticals has a 1-year low of $3.61 and a 1-year high of $8.37. The firm’s market cap is $394.02 million. The stock has a 50 day moving average of $6.30 and a 200-day moving average of $5.53.
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Progenics Pharmaceuticals (NASDAQ:PGNX) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.05. Progenics Pharmaceuticals had a negative return on equity of 41.76% and a negative net margin of 203.56%. The firm had revenue of $8.50 million for the quarter, compared to analyst estimates of $6.33 million. During the same period in the previous year, the company posted ($0.17) earnings per share. The company’s quarterly revenue was up 337.6% compared to the same quarter last year. Analysts predict that Progenics Pharmaceuticals will post $0.13 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in PGNX. Vanguard Group Inc. raised its stake in Progenics Pharmaceuticals by 9.7% in the second quarter. Vanguard Group Inc. now owns 2,737,391 shares of the company’s stock worth $11,552,000 after buying an additional 241,227 shares during the period. A.R.T. Advisors LLC increased its position in Progenics Pharmaceuticals by 241.6% in the first quarter. A.R.T. Advisors LLC now owns 307,523 shares of the company’s stock worth $1,340,000 after buying an additional 217,500 shares during the period. Schwab Charles Investment Management Inc. increased its position in Progenics Pharmaceuticals by 111.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 217,100 shares of the company’s stock worth $917,000 after buying an additional 114,500 shares during the period. Searle & CO. bought a new position in Progenics Pharmaceuticals during the third quarter worth $726,000. Finally, Creative Planning increased its position in Progenics Pharmaceuticals by 2,333.3% in the third quarter. Creative Planning now owns 73,000 shares of the company’s stock worth $462,000 after buying an additional 70,000 shares during the period. Institutional investors and hedge funds own 84.32% of the company’s stock.
About Progenics Pharmaceuticals
Progenics Pharmaceuticals, Inc is engaged in developing medicines and other products for targeting and treating cancer. The Company’s products in development include therapeutic agents designed to target cancer and imaging agents, which focuses on enabling clinicians and patients to accurately visualize and manage their diseases.
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