Zacks Investment Research Lowers 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 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. “

Other equities analysts have also recently issued reports about the company. ValuEngine cut Pfenex from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. William Blair restated an “outperform” rating on shares of Pfenex in a report on Thursday, August 10th. Finally, JMP Securities lowered their target price on Pfenex from $21.00 to $8.00 and set an “outperform” rating for the company in a report on Friday, November 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.50.

Pfenex (PFNX) opened at $2.79 on Wednesday. Pfenex has a twelve month low of $2.54 and a twelve month high of $11.35.

Pfenex (NYSEAMERICAN:PFNX) last released its quarterly earnings results on Thursday, November 9th. The biotechnology company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.17. The business had revenue of $5.02 million during the quarter, compared to analysts’ expectations of $3.30 million. Pfenex had a negative return on equity of 63.57% and a negative net margin of 175.52%. The company’s revenue was down 89.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 EPS.

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A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in Pfenex by 51.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 304,403 shares of the biotechnology company’s stock valued at $919,000 after purchasing an additional 103,337 shares in the last quarter. C WorldWide Group Holding A S raised its position in Pfenex by 10.5% in the 3rd quarter. C WorldWide Group Holding A S now owns 271,400 shares of the biotechnology company’s stock valued at $820,000 after purchasing an additional 25,900 shares in the last quarter. Sanders Morris Harris LLC raised its position in Pfenex by 33.9% in the 3rd quarter. Sanders Morris Harris LLC now owns 998,151 shares of the biotechnology company’s stock valued at $3,015,000 after purchasing an additional 252,464 shares in the last quarter. Susquehanna International Group LLP acquired a new stake in Pfenex in the 2nd quarter valued at about $272,000. Finally, Goldman Sachs Group Inc. raised its position in Pfenex by 186.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 160,204 shares of the biotechnology company’s stock valued at $642,000 after purchasing an additional 104,184 shares in 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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