Progenics Pharmaceuticals (NASDAQ:PGNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
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. “
Other equities research analysts have also issued reports about the company. Cantor Fitzgerald set a $15.00 price target on Progenics Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, March 8th. BidaskClub upgraded Progenics Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, ValuEngine upgraded Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, December 7th. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $12.35.
Progenics Pharmaceuticals (NASDAQ:PGNX) last posted its quarterly earnings results on Thursday, March 8th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.21). The business had revenue of $3.90 million during the quarter, compared to analyst estimates of $3.18 million. Progenics Pharmaceuticals had a negative return on equity of 87.30% and a negative net margin of 436.08%. The business’s revenue was down 15.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) earnings per share. equities analysts anticipate that Progenics Pharmaceuticals will post -0.83 earnings per share for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC acquired a new position in Progenics Pharmaceuticals in the fourth quarter valued at approximately $192,000. Metropolitan Life Insurance Co. NY acquired a new position in Progenics Pharmaceuticals in the fourth quarter valued at approximately $101,000. Millennium Management LLC acquired a new position in Progenics Pharmaceuticals in the fourth quarter valued at approximately $169,000. Teachers Advisors LLC lifted its holdings in Progenics Pharmaceuticals by 5.6% in the fourth quarter. Teachers Advisors LLC now owns 218,468 shares of the biotechnology company’s stock valued at $1,300,000 after acquiring an additional 11,614 shares during the last quarter. Finally, Perceptive Advisors LLC acquired a new position in Progenics Pharmaceuticals in the fourth quarter valued at approximately $368,000. Hedge funds and other institutional investors own 86.51% of the company’s stock.
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Progenics Pharmaceuticals Company Profile
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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