Credit Suisse Group initiated coverage on shares of Progenics Pharmaceuticals (NASDAQ:PGNX) in a research note published on Friday morning, MarketBeat reports. The brokerage issued an outperform rating and a $6.50 price objective on the biotechnology company’s stock.
A number of other brokerages have also recently commented on PGNX. ValuEngine cut shares of Progenics Pharmaceuticals from a strong-buy rating to a buy rating in a research note on Wednesday, August 29th. BidaskClub cut shares of Progenics Pharmaceuticals from a hold rating to a sell rating in a research note on Wednesday, September 5th. Zacks Investment Research raised shares of Progenics Pharmaceuticals from a sell rating to a hold rating in a research note on Tuesday, September 11th. Finally, Needham & Company LLC cut shares of Progenics Pharmaceuticals from a strong-buy rating to a buy rating and dropped their price target for the company from $16.00 to $12.00 in a research note on Thursday, September 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $10.65.
Shares of NASDAQ PGNX traded down $0.17 during midday trading on Friday, reaching $4.56. 1,643,497 shares of the stock were exchanged, compared to its average volume of 1,111,495. The stock has a market capitalization of $399.89 million, a price-to-earnings ratio of -5.07 and a beta of 2.67. Progenics Pharmaceuticals has a twelve month low of $4.47 and a twelve month high of $9.42. The company has a debt-to-equity ratio of 0.33, a current ratio of 9.51 and a quick ratio of 9.51.
Progenics Pharmaceuticals (NASDAQ:PGNX) last issued its quarterly earnings data on Thursday, November 8th. The biotechnology company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.09. The business had revenue of $5.32 million for the quarter, compared to analysts’ expectations of $4.14 million. Progenics Pharmaceuticals had a negative net margin of 341.78% and a negative return on equity of 66.86%. Analysts anticipate that Progenics Pharmaceuticals will post -0.76 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Creative Planning lifted its holdings in Progenics Pharmaceuticals by 23.9% in the 3rd quarter. Creative Planning now owns 258,600 shares of the biotechnology company’s stock valued at $1,621,000 after purchasing an additional 49,890 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Progenics Pharmaceuticals by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,062,981 shares of the biotechnology company’s stock valued at $8,546,000 after purchasing an additional 24,073 shares in the last quarter. Trexquant Investment LP purchased a new position in Progenics Pharmaceuticals in the 2nd quarter valued at $281,000. Employees Retirement System of Texas lifted its holdings in Progenics Pharmaceuticals by 21.9% in the 2nd quarter. Employees Retirement System of Texas now owns 139,000 shares of the biotechnology company’s stock valued at $1,118,000 after purchasing an additional 25,000 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Progenics Pharmaceuticals by 6.8% in the 2nd quarter. Northern Trust Corp now owns 934,820 shares of the biotechnology company’s stock valued at $7,516,000 after purchasing an additional 59,558 shares in the last quarter. 92.09% of the stock is currently owned by hedge funds and other institutional investors.
Progenics Pharmaceuticals Company Profile
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.
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