Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) shares rose in value on Monday February 6 on slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Investors turned cautious in early trading today with the Dow Jones Industrial Average DJIA, was off by 17 points, or 0.1%, to 20.054.
The S&P 500 SPX, -0.14% eased 5 points, or 0.2%, to 2,293, with seven of the 11 main sectors trading lower. Nearly all main sectors were trading lower, while materials and consumer staples led the losses.
The Nasdaq Composite COMP, -0.14% slipped 10 points, or 0.2%, at 5,144.
Analysts at Needham & Company LLC upgraded shares of Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) from Buy to Strong-Buy today. With a rating of Strong-Buy on the stock, the company has a 52-week high of $10.27. The one-year price target of $11.20 is higher than the opening price of $9.95, causing a fair amount of other analysts to report on the company recently. Typically, after analysts assign an upgrade report on a stock, they will later issue periodic updates, such as a price target change.
Shares of Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) opened at $9.95 yesterday trading between $9.78 and $10.27, and last traded at $9.99, which represents an increase of $0.50 compared to the previous closing price.
Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) currently has a market cap of 699.84M.
Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) Average Daily Trading Volume
273,549 shares traded hands yesterday, 120 percent below the average, out of a total float 57,284,000. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have teams of analysts researching thousands of stocks, so it is good corroboration to see them buying a stock you’re researching.
Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) have ranged from $3.61 – 10.2700, and the stock now has a 50-day MA of $8.92 and 200-day MA of $7.20. Today’s last price is 2.72%% lower than the 52 week high of $10.27.
Earnings growth is a critical factor to look at when investing in stocks and investors identify companies that have raised their earnings by at least 25% for a 3 year period.
DISCLOSURE: The views and opinions expressed in this article do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.