Zacks Investment Research cut shares of Pfenex Inc. (NYSEAMERICAN:PFNX) from a buy rating to a hold rating in a report issued on Wednesday.

According to Zacks, “Pfenex Inc. is a clinical-stage biotechnology company developing and commercializing proteins. The company’s lead product candidate is PF582, a biosimilar candidate to Lucentis, for the potential treatment of patients with retinal diseases. It leverages its Pf?nex Expression Technology (TM) platform to build a pipeline of product candidates and preclinical products under development including other biosimilars, as well as vaccines, generics and next generation biologics. Pfenex Inc. is headquartered in San Diego, California. “

Other equities research analysts have also issued research reports about the stock. ValuEngine lowered shares of Pfenex from a hold rating to a sell rating in a research note on Tuesday, August 1st. William Blair reissued an outperform rating on shares of Pfenex in a research note on Thursday, August 10th. Finally, JMP Securities dropped their price objective on shares of Pfenex from $21.00 to $8.00 and set an outperform rating on the stock in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $5.50.

Pfenex (NYSEAMERICAN:PFNX) opened at $2.81 on Wednesday. Pfenex has a 52-week low of $2.54 and a 52-week high of $10.25.

Pfenex (NYSEAMERICAN:PFNX) last announced its quarterly earnings results on Thursday, November 9th. The biotechnology company reported ($0.37) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.17. Pfenex had a negative net margin of 175.52% and a negative return on equity of 63.57%. The company had revenue of $5.02 million for the quarter, compared to analysts’ expectations of $3.30 million. During the same quarter in the previous year, the company earned $1.46 earnings per share. Pfenex’s quarterly revenue was down 89.7% on a year-over-year basis.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Blair William & Co. IL lifted its stake in shares of Pfenex by 14.2% in the second quarter. Blair William & Co. IL now owns 250,817 shares of the biotechnology company’s stock worth $1,006,000 after buying an additional 31,108 shares in the last quarter. Sanders Morris Harris LLC lifted its stake in shares of Pfenex by 33.9% in the third quarter. Sanders Morris Harris LLC now owns 998,151 shares of the biotechnology company’s stock worth $3,015,000 after buying an additional 252,464 shares in the last quarter. AJO LP bought a new position in shares of Pfenex in the second quarter worth approximately $946,000. Susquehanna International Group LLP bought a new position in shares of Pfenex in the second quarter worth approximately $272,000. Finally, Legal & General Group Plc lifted its stake in shares of Pfenex by 2,567.5% in the second quarter. Legal & General Group Plc now owns 110,249 shares of the biotechnology company’s stock worth $442,000 after buying an additional 106,116 shares in the last quarter.

About Pfenex

Pfenex Inc is a clinical-stage biotechnology company. The Company is engaged in the development of biosimilar and therapeutic equivalent products to branded therapeutics and other high-value and difficult-to-manufacture proteins. Its lead product candidate is PF582, a biosimilar candidate to Lucentis (ranibizumab).

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