Pfenex Inc (NYSEMKT:PFNX) had its target price cut by JMP Securities from $21.00 to $8.00 in a research report report published on Friday morning, The Fly reports. They currently have an outperform rating on the biotechnology company’s stock.

Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Pfenex from a hold rating to a buy rating and set a $3.00 price objective for the company in a research report on Tuesday, October 24th. William Blair reissued an ourperform rating on shares of Pfenex in a research report on Friday, September 8th. Finally, ValuEngine cut shares of Pfenex from a hold rating to a sell rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $5.50.

Shares of Pfenex (NYSEMKT:PFNX) opened at $2.86 on Friday. Pfenex has a fifty-two week low of $2.54 and a fifty-two week high of $11.35.

Pfenex (NYSEMKT:PFNX) last posted its earnings results on Thursday, November 9th. The biotechnology company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.17. Pfenex had a negative net margin of 406.87% and a negative return on equity of 75.61%. The firm had revenue of $5.02 million for the quarter, compared to the consensus estimate of $3.30 million. During the same period in the previous year, the firm posted $1.46 EPS. The business’s quarterly revenue was down 89.7% on a year-over-year basis.

TRADEMARK VIOLATION WARNING: “JMP Securities Lowers Pfenex Inc (PFNX) Price Target to $8.00” was first posted by Daily Political and is the property of of Daily Political. If you are reading this article on another website, it was stolen and reposted in violation of U.S. and international copyright & trademark legislation. The legal version of this article can be accessed at https://www.dailypolitical.com/2017/11/14/jmp-securities-lowers-pfenex-inc-pfnx-price-target-to-8-00.html.

A number of institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its position in shares of Pfenex by 221.0% in the 1st quarter. Russell Investments Group Ltd. now owns 32,186 shares of the biotechnology company’s stock worth $187,000 after purchasing an additional 22,160 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Pfenex by 126.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 56,020 shares of the biotechnology company’s stock worth $325,000 after purchasing an additional 31,308 shares during the period. LMR Partners LLP purchased a new stake in shares of Pfenex in the 2nd quarter worth approximately $252,000. Susquehanna International Group LLP purchased a new stake in shares of Pfenex in the 2nd quarter worth approximately $272,000. Finally, Bank of America Corp DE raised its stake in shares of Pfenex by 2,736.1% during the 1st quarter. Bank of America Corp DE now owns 80,289 shares of the biotechnology company’s stock worth $467,000 after acquiring an additional 77,458 shares in the last quarter.

Pfenex Company Profile

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).

The Fly

Receive News & Ratings for Pfenex Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pfenex Inc and related companies with MarketBeat.com's FREE daily email newsletter.