Needham & Company LLC cut shares of Progenics Pharmaceuticals (NASDAQ:PGNX) from a strong-buy rating to a buy rating in a report issued on Thursday, Marketbeat Ratings reports. The firm currently has $12.00 price objective on the biotechnology company’s stock, down from their previous price objective of $16.00.
PGNX has been the subject of a number of other research reports. ValuEngine downgraded shares of Progenics Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Wednesday, August 29th. Zacks Investment Research upgraded shares of Progenics Pharmaceuticals from a sell rating to a hold rating in a research report on Tuesday, September 11th. Cantor Fitzgerald set a $15.00 target price on shares of Progenics Pharmaceuticals and gave the stock a buy rating in a research report on Sunday, May 20th. BidaskClub upgraded shares of Progenics Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Thursday, May 31st. Finally, Jefferies Financial Group reiterated a buy rating and issued a $13.00 target price 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 given a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $11.69.
PGNX stock opened at $5.62 on Thursday. Progenics Pharmaceuticals has a 12-month low of $5.01 and a 12-month high of $9.42. The company has a debt-to-equity ratio of 0.68, a current ratio of 6.34 and a quick ratio of 6.34. The company has a market capitalization of $550.12 million, a price-to-earnings ratio of -6.24 and a beta of 2.39.
Progenics Pharmaceuticals (NASDAQ:PGNX) last released its earnings results on Tuesday, July 31st. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.02). Progenics Pharmaceuticals had a negative return on equity of 94.45% and a negative net margin of 341.41%. The company had revenue of $3.88 million during the quarter, compared to analysts’ expectations of $3.30 million. research analysts expect that Progenics Pharmaceuticals will post -0.64 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the company. Clinton Group Inc. acquired a new position in shares of Progenics Pharmaceuticals during the 2nd quarter worth $121,000. Jane Street Group LLC increased its stake in shares of 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 during the last quarter. Trexquant Investment LP acquired a new position in shares of Progenics Pharmaceuticals during the 2nd quarter worth $281,000. JPMorgan Chase & Co. increased its stake in shares of Progenics Pharmaceuticals by 268.7% during the 1st quarter. JPMorgan Chase & Co. now owns 326,562 shares of the biotechnology company’s stock worth $2,436,000 after purchasing an additional 237,992 shares during the last quarter. Finally, Employees Retirement System of Texas increased its stake in shares of 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 during the last quarter. Institutional investors own 88.74% 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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