Progenics Pharmaceuticals (NASDAQ:PGNX) released its quarterly earnings results on Thursday. The biotechnology company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.09, Morningstar.com reports. Progenics Pharmaceuticals had a negative net margin of 341.41% and a negative return on equity of 94.45%. The company had revenue of $5.32 million for the quarter, compared to analyst estimates of $4.14 million.
PGNX stock traded down $0.23 during mid-day trading on Friday, hitting $5.41. The company had a trading volume of 743,800 shares, compared to its average volume of 1,375,316. The firm has a market cap of $474.28 million, a price-to-earnings ratio of -6.01 and a beta of 2.81. The company has a debt-to-equity ratio of 0.68, a quick ratio of 6.34 and a current ratio of 6.34. Progenics Pharmaceuticals has a 12 month low of $4.68 and a 12 month high of $9.42.
Several analysts have commented on the stock. Zacks Investment Research raised shares of Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. BidaskClub lowered shares of Progenics Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, September 5th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Progenics Pharmaceuticals in a research report on Wednesday, August 1st. Needham & Company LLC lowered shares of Progenics Pharmaceuticals from a “strong-buy” rating to a “buy” rating and lowered their price objective for the stock from $16.00 to $12.00 in a research report on Thursday, September 13th. Finally, ValuEngine raised shares of Progenics Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $11.69.
Hedge funds have recently made changes to their positions in the business. Clinton Group Inc. bought a new stake in Progenics Pharmaceuticals in the second quarter worth about $121,000. Creative Planning raised its position in Progenics Pharmaceuticals by 23.9% in the third quarter. Creative Planning now owns 258,600 shares of the biotechnology company’s stock worth $1,621,000 after acquiring an additional 49,890 shares during the period. Bank of New York Mellon Corp raised its position in shares of Progenics Pharmaceuticals by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 1,062,981 shares of the biotechnology company’s stock valued at $8,546,000 after purchasing an additional 24,073 shares during the period. Trexquant Investment LP bought a new stake in shares of Progenics Pharmaceuticals in the second quarter valued at approximately $281,000. Finally, Employees Retirement System of Texas raised its position in shares of Progenics Pharmaceuticals by 21.9% in the second quarter. Employees Retirement System of Texas now owns 139,000 shares of the biotechnology company’s stock valued at $1,118,000 after purchasing an additional 25,000 shares during the period. 76.39% of the stock is currently owned by institutional investors and hedge funds.
About Progenics Pharmaceuticals
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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