Pfenex Inc (NYSEAMERICAN:PFNX)’s share price dropped 14.8% during mid-day trading on Thursday . The stock traded as low as $2.73 and last traded at $2.88. Approximately 588,000 shares traded hands during mid-day trading, an increase of 338% from the average daily volume of 134,380 shares. The stock had previously closed at $3.38.

PFNX has been the topic of several analyst reports. JMP Securities cut their target price on Pfenex from $21.00 to $8.00 and set an “outperform” rating on the stock in a research note on Friday, November 10th. Zacks Investment Research raised Pfenex from a “strong sell” rating to a “hold” rating in a report on Saturday, August 26th. ValuEngine downgraded Pfenex from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Finally, William Blair reissued an “ourperform” rating on shares of Pfenex in a report on Friday, September 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $5.50.

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

Institutional investors have recently added to or reduced their stakes in the stock. C WorldWide Group Holding A S raised its position in Pfenex by 10.5% during the third quarter. C WorldWide Group Holding A S now owns 271,400 shares of the biotechnology company’s stock valued at $820,000 after acquiring an additional 25,900 shares in the last quarter. Blair William & Co. IL raised its position in Pfenex by 14.2% during the second quarter. Blair William & Co. IL now owns 250,817 shares of the biotechnology company’s stock valued at $1,006,000 after acquiring an additional 31,108 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Pfenex by 126.7% during the first quarter. Goldman Sachs Group Inc. now owns 56,020 shares of the biotechnology company’s stock valued at $325,000 after acquiring an additional 31,308 shares in the last quarter. LMR Partners LLP purchased a new position in Pfenex during the second quarter valued at approximately $252,000. Finally, Dimensional Fund Advisors LP raised its position in Pfenex by 249.0% during the first quarter. Dimensional Fund Advisors LP now owns 94,809 shares of the biotechnology company’s stock valued at $551,000 after acquiring an additional 67,640 shares in the last quarter.

TRADEMARK VIOLATION WARNING: “Pfenex (PFNX) Shares Down 14.8%” was first published by Daily Political and is the sole property of of Daily Political. If you are viewing this article on another website, it was illegally copied and reposted in violation of US & international copyright and trademark law. The original version of this article can be accessed at https://www.dailypolitical.com/2017/12/21/pfenex-pfnx-shares-down-14-8.html.

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).

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