Progenics Pharmaceuticals Inc. (PGNX) stock down despite upgrade at Zacks Investment Research

Zacks Investment Research (Progenics Pharmaceuticals Inc.: NASDAQ) shares fell back in value Wednesday Dec 28 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. stocks were little changed on Wednesday, as investors found few reasons to keep pushing shares higher towards the 20,000 mark.

The Dow Jones Industrial Average DJIA, -0.11% rose 3.1 points to 19,949, essentially unchanged on the day. The S&P 500 SPX, -0.39% lost 3 points, or 0.1%, to 2,266 while the Nasdaq Composite Index COMP, -0.59% slipped 6.4 points, or 0.1%, to 5,482.

Analysts at Zacks Investment Research upgraded shares of Zacks Investment Research (Progenics Pharmaceuticals Inc.: NASDAQ) from Sell to Hold today. With a rating of Hold on the shares, Progenics Pharmaceuticals Inc. has a 52-week high of $9.78. The one-year price target of $10.80 is above the opening price of $9.31, that has caused a number of other analysts to comment on the company recently. Share prices often move to the upside on recommendations and new price targets of professional analysts.

Zacks Investment Research (Progenics Pharmaceuticals Inc.: NASDAQ) shares last traded at $9.22, which is a decrease of $0.03 per share or -0.32% compared to the previous closing price. Opening at $9.31, they ranged from $9.19 and $9.36 throughout the day.

Zacks Investment Research (Progenics Pharmaceuticals Inc.: NASDAQ) now has a market cap of 645.87M.

Zacks Investment Research (Progenics Pharmaceuticals Inc.: NASDAQ) Average Daily Trading Volume

95,828 shares crossed the trading desk yesterday, below normal, out of a total float 56,284,000. Momentum traders often use swings in trading volume to determine substantial volume accumulation or distribution by institutional investors, so look for trading volume to pick up in the coming days.

While increased trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is critical.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Professional investors such as these retain substantial teams of analysts that investigate thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.

Zacks Investment Research (Progenics Pharmaceuticals Inc.: NASDAQ) 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 marking the activity of these professional investors and how they affect moving averages, traders can make well planned trades.

Trades for Zacks Investment Research (Progenics Pharmaceuticals Inc.: NASDAQ) have ranged from $3.61 – 9.78, and the stock now has a 50-day MA of $8.45 and 200-day MA of $6.44. Today’s last price is 5.73%% below the 52 week high of $9.78.

Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors seek companies that have grown their earnings at least 25% or more for the past 3 years.

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