Progenics Pharmaceuticals Inc. (PGNX) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) from a hold rating to a sell rating in a research report released on Wednesday, November 8th.

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 equities analysts have also recently issued reports about the stock. ValuEngine raised shares of Progenics Pharmaceuticals from a sell rating to a hold rating in a research note on Monday, September 18th. Cantor Fitzgerald began coverage on shares of Progenics Pharmaceuticals in a research note on Wednesday, July 12th. They issued an overweight rating and a $15.00 target price for the company. BidaskClub cut shares of Progenics Pharmaceuticals from a sell rating to a strong sell rating in a research note on Tuesday, July 11th. Needham & Company LLC reissued a strong-buy rating and issued a $14.00 target price on shares of Progenics Pharmaceuticals in a research note on Friday, September 1st. Finally, Aegis reaffirmed a buy rating and set a $14.00 price objective on shares of Progenics Pharmaceuticals in a research report on Tuesday, August 22nd. Three investment analysts have rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $13.20.

Progenics Pharmaceuticals (PGNX) traded down $0.15 during trading hours on Wednesday, hitting $5.37. 514,931 shares of the company traded hands, compared to its average volume of 1,085,933. Progenics Pharmaceuticals has a twelve month low of $4.60 and a twelve month high of $11.72. The company has a debt-to-equity ratio of 0.80, a current ratio of 7.86 and a quick ratio of 7.86.

Progenics Pharmaceuticals (NASDAQ:PGNX) last released its earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02. Progenics Pharmaceuticals had a negative net margin of 445.81% and a negative return on equity of 67.61%. The business had revenue of $2.70 million during the quarter, compared to analysts’ expectations of $3.58 million. During the same period last year, the business earned $0.52 earnings per share. The firm’s revenue was down 95.0% on a year-over-year basis. sell-side analysts anticipate that Progenics Pharmaceuticals will post -0.92 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System boosted its position in Progenics Pharmaceuticals by 0.4% during the second quarter. Louisiana State Employees Retirement System now owns 28,600 shares of the biotechnology company’s stock worth $194,000 after purchasing an additional 100 shares during the period. Arizona State Retirement System boosted its position in Progenics Pharmaceuticals by 0.3% during the second quarter. Arizona State Retirement System now owns 36,600 shares of the biotechnology company’s stock worth $249,000 after purchasing an additional 100 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in Progenics Pharmaceuticals by 4.0% during the second quarter. Municipal Employees Retirement System of Michigan now owns 16,600 shares of the biotechnology company’s stock worth $113,000 after purchasing an additional 640 shares during the period. Texas Permanent School Fund boosted its position in Progenics Pharmaceuticals by 1.9% during the second quarter. Texas Permanent School Fund now owns 51,272 shares of the biotechnology company’s stock worth $348,000 after purchasing an additional 954 shares during the period. Finally, Stevens Capital Management LP boosted its position in Progenics Pharmaceuticals by 2.3% during the second quarter. Stevens Capital Management LP now owns 54,771 shares of the biotechnology company’s stock worth $372,000 after purchasing an additional 1,231 shares during the period. 87.36% of the stock is owned by hedge funds and other institutional investors.

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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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