Progenics Pharmaceuticals Inc. (PGNX) Shares Gap Down After Earnings Miss
Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $4.89, but opened at $5.13. Progenics Pharmaceuticals shares last traded at $5.28, with a volume of 760,271 shares trading hands.
The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by $0.04. The business had revenue of $2.77 million for the quarter, compared to analysts’ expectations of $3.34 million. Progenics Pharmaceuticals had a net margin of 10.24% and a return on equity of 7.50%. The business’s quarterly revenue was down 67.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) earnings per share.
PGNX has been the topic of several analyst reports. Cantor Fitzgerald set a $15.00 price target on shares of Progenics Pharmaceuticals and gave the stock a “buy” rating in a report on Wednesday. ValuEngine lowered shares of Progenics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. BidaskClub lowered shares of Progenics Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 11th. Zacks Investment Research raised shares of Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $12.00 price target on shares of Progenics Pharmaceuticals in a report on Thursday, June 8th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Progenics Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $12.33.
Institutional investors have recently added to or reduced their stakes in the company. Teachers Advisors LLC raised its position in Progenics Pharmaceuticals by 2.5% in the fourth quarter. Teachers Advisors LLC now owns 111,935 shares of the biotechnology company’s stock valued at $967,000 after buying an additional 2,769 shares in the last quarter. Capstone Asset Management Co. purchased a new position in Progenics Pharmaceuticals during the first quarter valued at about $392,000. Fox Run Management L.L.C. raised its position in Progenics Pharmaceuticals by 64.1% in the first quarter. Fox Run Management L.L.C. now owns 19,532 shares of the biotechnology company’s stock valued at $184,000 after buying an additional 7,632 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in Progenics Pharmaceuticals during the first quarter valued at about $269,000. Finally, Fisher Asset Management LLC raised its position in Progenics Pharmaceuticals by 23.5% in the first quarter. Fisher Asset Management LLC now owns 97,632 shares of the biotechnology company’s stock valued at $922,000 after buying an additional 18,604 shares in the last quarter. 92.20% of the stock is currently owned by institutional investors and hedge funds.
The stock has a 50-day moving average of $6.61 and a 200-day moving average of $8.22. The stock has a market cap of $373.60 million, a price-to-earnings ratio of 54.85 and a beta of 3.35.
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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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