Progenics Pharmaceuticals (PGNX) Upgraded to “Buy” by Zacks Investment Research

Progenics Pharmaceuticals (NASDAQ:PGNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, January 4th. The brokerage presently has a $6.75 target price on the biotechnology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 6.47% from the stock’s current price.

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. “

Several other research firms have also issued reports on PGNX. Cantor Fitzgerald reissued a “buy” rating and set a $15.00 target price on shares of Progenics Pharmaceuticals in a research note on Thursday, November 2nd. BidaskClub raised shares of Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, December 9th. Finally, ValuEngine upgraded shares of Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, December 7th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Progenics Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $12.35.

Shares of Progenics Pharmaceuticals (PGNX) traded up $0.02 during trading hours on Thursday, reaching $6.34. 740,856 shares of the company were exchanged, compared to its average volume of 1,537,005. The company has a market capitalization of $444.11, a P/E ratio of -8.03 and a beta of 3.42. The company has a quick ratio of 7.86, a current ratio of 7.86 and a debt-to-equity ratio of 0.80. Progenics Pharmaceuticals has a 52 week low of $4.60 and a 52 week high of $11.72.

Progenics Pharmaceuticals (NASDAQ:PGNX) last announced its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. The firm had revenue of $2.70 million for the quarter, compared to analyst estimates of $3.58 million. Progenics Pharmaceuticals had a negative net margin of 445.81% and a negative return on equity of 67.61%. The business’s quarterly revenue was down 95.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. equities analysts anticipate that Progenics Pharmaceuticals will post -0.92 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in PGNX. Municipal Employees Retirement System of Michigan raised its holdings in Progenics Pharmaceuticals by 4.0% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,600 shares of the biotechnology company’s stock valued at $113,000 after acquiring an additional 640 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Progenics Pharmaceuticals by 6.8% during the 2nd quarter. Great West Life Assurance Co. Can now owns 107,358 shares of the biotechnology company’s stock worth $728,000 after buying an additional 6,800 shares during the last quarter. Sei Investments Co. acquired a new stake in shares of Progenics Pharmaceuticals during the 2nd quarter worth approximately $269,000. Arizona State Retirement System increased its holdings in shares of Progenics Pharmaceuticals by 0.3% during the 2nd quarter. Arizona State Retirement System now owns 36,600 shares of the biotechnology company’s stock worth $249,000 after buying an additional 100 shares during the last quarter. Finally, State of Wisconsin Investment Board acquired a new stake in shares of Progenics Pharmaceuticals during the 2nd quarter worth approximately $360,000. Institutional investors own 84.55% of the company’s stock.

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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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