Progenics Pharmaceuticals, Inc. (PGNX) Expected to Post Quarterly Sales of $3.97 Million

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Wall Street analysts forecast that Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) will report sales of $3.97 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Progenics Pharmaceuticals’ earnings, with estimates ranging from $3.70 million to $4.24 million. Progenics Pharmaceuticals reported sales of $2.70 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 47%. The company is expected to issue its next earnings results on Thursday, November 1st.

According to Zacks, analysts expect that Progenics Pharmaceuticals will report full year sales of $23.03 million for the current fiscal year, with estimates ranging from $17.70 million to $28.36 million. For the next year, analysts expect that the business will report sales of $63.53 million per share, with estimates ranging from $52.46 million to $74.60 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Progenics Pharmaceuticals.

Progenics Pharmaceuticals (NASDAQ:PGNX) last released its earnings results on Tuesday, July 31st. The biotechnology company reported ($0.20) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $3.88 million for the quarter, compared to the consensus estimate of $3.30 million.

Several equities research analysts have weighed in on the company. ValuEngine cut Progenics Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 29th. Needham & Company LLC restated a “strong-buy” rating and set a $14.00 target price on shares of Progenics Pharmaceuticals in a research note on Wednesday, August 1st. Cantor Fitzgerald set a $15.00 target price on Progenics Pharmaceuticals and gave the stock a “buy” rating in a research note on Sunday, May 20th. Zacks Investment Research cut Progenics Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 4th. Finally, BidaskClub upgraded Progenics Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 31st. Two equities research analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Progenics Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $12.19.

NASDAQ PGNX opened at $7.69 on Friday. 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 fifty-two week low of $5.01 and a fifty-two week high of $9.42. The firm has a market cap of $590.06 million, a price-to-earnings ratio of -8.54 and a beta of 2.39.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in Progenics Pharmaceuticals by 2.3% during the second 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 during the last quarter. Millennium Management LLC lifted its stake in Progenics Pharmaceuticals by 312.3% during the second quarter. Millennium Management LLC now owns 119,350 shares of the biotechnology company’s stock worth $960,000 after purchasing an additional 90,400 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Progenics Pharmaceuticals by 24.3% during the second quarter. Raymond James & Associates now owns 71,586 shares of the biotechnology company’s stock worth $576,000 after buying an additional 14,008 shares in the last quarter. Employees Retirement System of Texas increased its holdings in shares of Progenics Pharmaceuticals by 21.9% during the second quarter. Employees Retirement System of Texas now owns 139,000 shares of the biotechnology company’s stock worth $1,118,000 after buying an additional 25,000 shares in the last quarter. Finally, NumerixS Investment Technologies Inc increased its holdings in shares of Progenics Pharmaceuticals by 163.3% during the second quarter. NumerixS Investment Technologies Inc now owns 15,800 shares of the biotechnology company’s stock worth $128,000 after buying an additional 9,800 shares in the last quarter. Hedge funds and other 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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