Shares of Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) dropped 15.3% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $4.60 and last traded at $5.13, with a volume of 4,228,760 shares trading hands. The stock had previously closed at $6.06.

The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.04. The firm had revenue of $2.77 million for the quarter, compared to analyst estimates of $3.34 million. Progenics Pharmaceuticals had a return on equity of 7.50% and a net margin of 10.24%. The firm’s quarterly revenue was down 67.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) EPS.

PGNX has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “strong-buy” rating on shares of Progenics Pharmaceuticals in a report on Monday, April 24th. Zacks Investment Research upgraded shares of Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. ValuEngine downgraded shares of Progenics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. TheStreet downgraded shares of Progenics Pharmaceuticals from a “c” rating to a “d+” rating in a report on Friday, May 26th. Finally, Jefferies Group LLC restated a “buy” rating and set a $12.00 price target on shares of Progenics Pharmaceuticals in a report on Thursday, June 8th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Progenics Pharmaceuticals presently has an average rating of “Buy” and an average price target of $12.33.

A number of hedge funds have recently bought and sold shares of the stock. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Progenics Pharmaceuticals during the second quarter valued at $108,000. Municipal Employees Retirement System of Michigan increased its stake in Progenics Pharmaceuticals by 4.0% in the second quarter. Municipal Employees Retirement System of Michigan now owns 16,600 shares of the biotechnology company’s stock valued at $113,000 after buying an additional 640 shares during the period. LS Investment Advisors LLC increased its stake in Progenics Pharmaceuticals by 473.8% in the second quarter. LS Investment Advisors LLC now owns 16,897 shares of the biotechnology company’s stock valued at $115,000 after buying an additional 13,952 shares during the period. BNP Paribas Arbitrage SA increased its stake in Progenics Pharmaceuticals by 1,077.2% in the first quarter. BNP Paribas Arbitrage SA now owns 12,961 shares of the biotechnology company’s stock valued at $122,000 after buying an additional 11,860 shares during the period. Finally, Profund Advisors LLC bought a new stake in Progenics Pharmaceuticals during the first quarter valued at $128,000. Hedge funds and other institutional investors own 92.20% of the company’s stock.

The company has a market capitalization of $360.25 million, a PE ratio of 52.89 and a beta of 3.35. The firm’s 50 day moving average is $6.72 and its 200-day moving average is $8.29.

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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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