Progenics Pharmaceuticals Inc. (PGNX) Shares Active after Upgrade at Zacks Investment Research

Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) shares rose in value Wednesday Dec 14 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.

Meanwhile, U.S. equities traded mostly lower on Wednesday as investors awaited the Federal Reserve’s latest decision regarding monetary policy.

The Dow Jones industrial average traded 35 points lower, with Goldman Sachs contributing the most losses. The S&P 500 traded 0.1 percent lower, with financials leading decliners. The Nasdaq composite, meanwhile, held flat.

Analysts at Zacks Investment Research upgraded shares of Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) from Sell to Hold today. With a rating of Hold on the shares, the company has a 52-week high of $9.26. The one-year price target of $10.80 is above the opening price of $8.87, causing a number of other analysts to issue statements on the stock recently. Share prices often shift to the upside on recommendations and new price targets of professional brokerage firms.

Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) shares last traded at $8.90, which represents a jump of $0.03 or 0.34% compared to the previous closing price. Opening at $8.87, they fluctuated from $8.76 and $9.03 throughout the day.

Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) now has a market cap of 623.45M.

Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) Average Daily Trading Volume

40,274 shares traded hands yesterday, lower than normal, out of a total float 56,284,000. Swing traders often use increases in trading volume to determine heavy volume growth or distribution by institutional investors, so look for trading volume to pick up in the coming days.

However, a single day of significant buy side trading is not enough to affirm a trend. As such, market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Professional investors such as these have substantial teams of analysts that investigate 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.

Traders can make the best trades when they follow the trading habits of professional investors.

With that in mind, Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) now has a 50-day MA of $7.34 and 200-day MA of $6.17. It has traded in a 52-week range between $3.61 – 9.26 and today’s last price is 3.89%% lower than the 52 week high of $9.26.

Earnings growth is an important factor to consider when investing in stocks and investors watch for companies that have increased their earnings at least 25% or more over a 3 year period.

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