Zacks Investment Research Upgrades Progenics Pharmaceuticals (PGNX) to “Hold”
Zacks Investment Research upgraded shares of Progenics Pharmaceuticals (NASDAQ:PGNX) from a sell rating to a hold rating in a report published on Tuesday morning.
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. “
Other analysts have also recently issued research reports about the stock. ValuEngine cut shares of Progenics Pharmaceuticals from a strong-buy rating to a buy rating in a report on Wednesday, August 29th. Cantor Fitzgerald set a $15.00 target price on shares of Progenics Pharmaceuticals and gave the company a buy rating in a report on Sunday, May 20th. BidaskClub cut shares of Progenics Pharmaceuticals from a strong-buy rating to a buy rating in a report on Tuesday, June 19th. Needham & Company LLC raised their target price on shares of Progenics Pharmaceuticals from $14.00 to $16.00 and gave the company a strong-buy rating in a report on Tuesday, July 31st. Finally, Jefferies Financial Group reaffirmed a buy rating and issued a $13.00 target price on shares of Progenics Pharmaceuticals in a report on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $12.19.
Progenics Pharmaceuticals (NASDAQ:PGNX) last issued its earnings results on Tuesday, July 31st. The biotechnology company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.02). The firm had revenue of $3.88 million during the quarter, compared to analyst estimates of $3.30 million. Progenics Pharmaceuticals had a negative net margin of 341.41% and a negative return on equity of 94.45%. analysts predict that Progenics Pharmaceuticals will post -0.64 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its holdings in Progenics Pharmaceuticals by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 1,062,981 shares of the biotechnology company’s stock worth $8,546,000 after purchasing an additional 24,073 shares in the last quarter. Millennium Management LLC raised its holdings in Progenics Pharmaceuticals by 312.3% during the second quarter. Millennium Management LLC now owns 119,350 shares of the biotechnology company’s stock worth $960,000 after purchasing an additional 90,400 shares in the last quarter. Raymond James & Associates raised its holdings in Progenics Pharmaceuticals by 24.3% during the second quarter. Raymond James & Associates now owns 71,586 shares of the biotechnology company’s stock worth $576,000 after purchasing an additional 14,008 shares in the last quarter. Employees Retirement System of Texas raised its holdings in Progenics Pharmaceuticals by 21.9% during the second quarter. Employees Retirement System of Texas now owns 139,000 shares of the biotechnology company’s stock worth $1,118,000 after purchasing an additional 25,000 shares in the last quarter. Finally, NumerixS Investment Technologies Inc raised its holdings in Progenics Pharmaceuticals by 163.3% during the second quarter. NumerixS Investment Technologies Inc now owns 15,800 shares of the biotechnology company’s stock worth $128,000 after purchasing an additional 9,800 shares in the last quarter. 88.74% of the stock is currently owned by hedge funds and other institutional investors.
About Progenics Pharmaceuticals
Progenics Pharmaceuticals, Inc develops medicines and other technologies to target and treat cancer in the United States and internationally. The company's primary clinical-stage product candidates include Azedra, a radiotherapeutic product candidate, which is in Phase IIb clinical trial under special protocol assessment for the treatment of malignant, recurrent, and/or unresectable pheochromocytoma and paraganglioma; 1404, a technetium-99m labeled small molecule, which is in Phase III clinical trial that acts as an imaging agent to diagnose and detect prostate cancer, as well as soft tissue and bone metastases; and PyL, a fluorinated prostate specific membrane antigen (PSMA)-targeted positron emission topography (PET) imaging agent for prostate cancer.
Recommended Story: Hedge Funds Explained
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Progenics Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progenics Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.