Zacks Investment Research Downgrades Pfenex Inc. (PFNX) to Hold

Pfenex Inc. (NYSEAMERICAN:PFNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Pfenex Inc. is a clinical-stage biotechnology company developing and commercializing proteins. The company’s lead product candidate is PF582, a biosimilar candidate to Lucentis, for the potential treatment of patients with retinal diseases. It leverages its Pf?nex Expression Technology (TM) platform to build a pipeline of product candidates and preclinical products under development including other biosimilars, as well as vaccines, generics and next generation biologics. Pfenex Inc. is headquartered in San Diego, California. “

PFNX has been the topic of a number of other research reports. William Blair restated an “ourperform” rating on shares of Pfenex in a research note on Friday, September 8th. ValuEngine cut Pfenex from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Finally, JMP Securities decreased their price objective on Pfenex from $21.00 to $8.00 and set an “outperform” rating on the stock in a report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $5.50.

Pfenex (NYSEAMERICAN:PFNX) traded up $0.13 during trading on Wednesday, hitting $2.78. The stock had a trading volume of 127,800 shares, compared to its average volume of 116,785. Pfenex has a 52 week low of $2.54 and a 52 week high of $10.55.

Pfenex (NYSEAMERICAN:PFNX) last issued its quarterly earnings data on Thursday, November 9th. The biotechnology company reported ($0.37) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.54) by $0.17. Pfenex had a negative return on equity of 63.57% and a negative net margin of 175.52%. The business had revenue of $5.02 million during the quarter, compared to analyst estimates of $3.30 million. During the same period in the previous year, the firm earned $1.46 EPS. Pfenex’s quarterly revenue was down 89.7% compared to the same quarter last year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sanders Morris Harris LLC boosted its stake in Pfenex by 33.9% in the third quarter. Sanders Morris Harris LLC now owns 998,151 shares of the biotechnology company’s stock valued at $3,015,000 after buying an additional 252,464 shares in the last quarter. C WorldWide Group Holding A S bought a new position in Pfenex in the second quarter valued at about $984,000. AJO LP bought a new position in Pfenex in the second quarter valued at about $946,000. Municipal Employees Retirement System of Michigan bought a new position in Pfenex in the second quarter valued at about $926,000. Finally, Renaissance Technologies LLC raised its position in Pfenex by 148.5% in the first quarter. Renaissance Technologies LLC now owns 325,800 shares of the biotechnology company’s stock valued at $1,893,000 after purchasing an additional 194,700 shares during the last quarter.

About Pfenex

Pfenex Inc is a clinical-stage biotechnology company. The Company is engaged in the development of biosimilar and therapeutic equivalent products to branded therapeutics and other high-value and difficult-to-manufacture proteins. Its lead product candidate is PF582, a biosimilar candidate to Lucentis (ranibizumab).

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