Progenics Pharmaceuticals (PGNX) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of Progenics Pharmaceuticals (NASDAQ:PGNX) from a buy rating to a hold rating in a report released 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. “
PGNX has been the topic of a number of other research reports. ValuEngine upgraded Progenics Pharmaceuticals from a sell rating to a hold rating in a research report on Thursday, December 7th. Cantor Fitzgerald set a $15.00 price objective on Progenics Pharmaceuticals and gave the stock a buy rating in a research report on Tuesday, January 2nd. Finally, BidaskClub upgraded Progenics Pharmaceuticals from a sell rating to a hold rating in a research report on Saturday, December 9th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $12.35.
Progenics Pharmaceuticals (NASDAQ:PGNX) last announced its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.22) EPS for the quarter, topping the Zacks’ 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 for the quarter, compared to the consensus estimate of $3.58 million. During the same quarter last year, the business posted $0.52 earnings per share. The firm’s revenue was down 95.0% compared to the same quarter last year. analysts forecast that Progenics Pharmaceuticals will post -0.92 EPS for the current year.
Institutional investors have recently made changes to their positions in the stock. Sei Investments Co. purchased a new stake in Progenics Pharmaceuticals in the second quarter valued at $269,000. Arizona State Retirement System raised its position in Progenics Pharmaceuticals by 0.3% in the second quarter. Arizona State Retirement System now owns 36,600 shares of the biotechnology company’s stock valued at $249,000 after purchasing an additional 100 shares during the period. State of Wisconsin Investment Board purchased a new stake in Progenics Pharmaceuticals in the second quarter valued at $360,000. Legal & General Group Plc raised its position in Progenics Pharmaceuticals by 9.4% in the second quarter. Legal & General Group Plc now owns 127,423 shares of the biotechnology company’s stock valued at $866,000 after purchasing an additional 10,947 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in Progenics Pharmaceuticals by 58.7% in the second quarter. BNP Paribas Arbitrage SA now owns 20,565 shares of the biotechnology company’s stock valued at $140,000 after purchasing an additional 7,604 shares during the period. Hedge funds and other institutional investors own 84.55% of the company’s stock.
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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