Progenics Pharmaceuticals (PGNX) Lowered to Hold at Zacks Investment Research
Progenics Pharmaceuticals (NASDAQ:PGNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday.
According to Zacks, “Progenics Pharmaceuticals, Inc. is developing innovative medicines for oncology, with a pipeline that includes several product candidates in later-stage clinical development. Progenics’ first-in-class PSMA-targeted technology platform for prostate cancer includes an antibody drug conjugate therapeutic in a two-cohort phase 2 clinical trial and a small molecule imaging agent that has completed patient dosing in a phase 2 trial. Among other assets in its pipeline of targeted radiotherapy and molecular imaging compounds is Azedra(TM), an ultra-orphan radiotherapy candidate also in a phase 2 study under an SPA. Progenics’ first commercial product, Relistor(R) (methylnaltrexone bromide) for opioid-induced constipation, is partnered with and marketed by Salix Pharmaceuticals, Inc. “
Several other research analysts have also recently weighed in on the company. ValuEngine upgraded Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, December 7th. Cantor Fitzgerald reiterated a “buy” rating and set a $15.00 price objective on shares of Progenics Pharmaceuticals in a research report on Thursday, November 2nd. Finally, BidaskClub upgraded Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, December 9th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $12.35.
Progenics Pharmaceuticals (NASDAQ:PGNX) last posted its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. Progenics Pharmaceuticals had a negative return on equity of 67.61% and a negative net margin of 445.81%. The firm had revenue of $2.70 million during the quarter, compared to analysts’ expectations of $3.58 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. The company’s revenue was down 95.0% on a year-over-year basis. research analysts expect that Progenics Pharmaceuticals will post -0.92 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of PGNX. State Street Corp increased its position in Progenics Pharmaceuticals by 42.7% during the second quarter. State Street Corp now owns 3,708,788 shares of the biotechnology company’s stock valued at $25,186,000 after acquiring an additional 1,110,067 shares during the last quarter. Numeric Investors LLC purchased a new stake in Progenics Pharmaceuticals during the second quarter valued at $2,877,000. Hikari Power Ltd purchased a new stake in Progenics Pharmaceuticals during the third quarter valued at $1,472,000. Vanguard Group Inc. increased its position in Progenics Pharmaceuticals by 4.1% during the second quarter. Vanguard Group Inc. now owns 4,300,478 shares of the biotechnology company’s stock valued at $29,200,000 after acquiring an additional 167,708 shares during the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in Progenics Pharmaceuticals during the second quarter valued at $1,140,000. Institutional investors own 84.55% of the company’s stock.
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About Progenics Pharmaceuticals
Progenics Pharmaceuticals, Inc is engaged in developing medicines and other products for targeting and treating cancer. The Company’s pipeline includes therapeutic agents designed to target cancer (AZEDRA and 1095); prostate specific membrane antigen (PSMA)-targeted imaging agents for prostate cancer (1404 and PyL), and imaging analysis tools.
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