Progenics Pharmaceuticals (PGNX) Downgraded to “Sell” at BidaskClub

BidaskClub cut shares of Progenics Pharmaceuticals (NASDAQ:PGNX) from a hold rating to a sell rating in a report released on Tuesday.

A number of other analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of Progenics Pharmaceuticals from a sell rating to a hold rating in a research report on Tuesday, September 25th. ValuEngine cut shares of Progenics Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, September 13th. Needham & Company LLC cut shares of Progenics Pharmaceuticals from a strong-buy rating to a buy rating and lowered their price objective for the company from $16.00 to $12.00 in a research report on Thursday, September 13th. Finally, Jefferies Financial Group restated a buy rating and issued a $13.00 price objective on shares of Progenics Pharmaceuticals in a research report on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $11.69.

PGNX opened at $5.70 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 6.34 and a quick ratio of 6.34. Progenics Pharmaceuticals has a 12 month low of $5.01 and a 12 month high of $9.42. The firm has a market capitalization of $462.45 million, a P/E ratio of -6.33 and a beta of 2.49.

Progenics Pharmaceuticals (NASDAQ:PGNX) last released its quarterly earnings data on Tuesday, July 31st. The biotechnology company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.02). Progenics Pharmaceuticals had a negative net margin of 341.41% and a negative return on equity of 94.45%. The firm had revenue of $3.88 million during the quarter, compared to the consensus estimate of $3.30 million. As a group, sell-side analysts forecast that Progenics Pharmaceuticals will post -0.67 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Clinton Group Inc. bought a new position in Progenics Pharmaceuticals during the 2nd quarter worth about $121,000. Jane Street Group LLC increased its holdings in Progenics Pharmaceuticals by 296.0% during the 1st quarter. Jane Street Group LLC now owns 48,685 shares of the biotechnology company’s stock worth $363,000 after purchasing an additional 36,391 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Progenics Pharmaceuticals by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,062,981 shares of the biotechnology company’s stock worth $8,546,000 after purchasing an additional 24,073 shares in the last quarter. Trexquant Investment LP bought a new position in Progenics Pharmaceuticals during the 2nd quarter worth about $281,000. Finally, Employees Retirement System of Texas increased its holdings in Progenics Pharmaceuticals by 21.9% during the 2nd quarter. Employees Retirement System of Texas now owns 139,000 shares of the biotechnology company’s stock worth $1,118,000 after purchasing an additional 25,000 shares in the last quarter. Hedge funds and other institutional investors own 85.80% of the company’s stock.

Progenics Pharmaceuticals Company Profile

Progenics Pharmaceuticals, Inc develops medicines and other technologies to target and treat cancer in the United States and internationally. The company's primary clinical-stage product candidates include Azedra, a radiotherapeutic product candidate, which is in Phase IIb clinical trial under special protocol assessment for the treatment of malignant, recurrent, and/or unresectable pheochromocytoma and paraganglioma; 1404, a technetium-99m labeled small molecule, which is in Phase III clinical trial that acts as an imaging agent to diagnose and detect prostate cancer, as well as soft tissue and bone metastases; and PyL, a fluorinated prostate specific membrane antigen (PSMA)-targeted positron emission topography (PET) imaging agent for prostate cancer.

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