Pfenex (NYSEAMERICAN:PFNX) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Pfenex (NYSEAMERICAN:PFNX) from a hold rating to a buy rating in a report released on Thursday morning, Zacks.com reports. They currently have $7.75 price target on the biotechnology company’s stock.

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. “

Shares of PFNX opened at $6.95 on Thursday. Pfenex has a 12-month low of $3.13 and a 12-month high of $7.64.

Pfenex (NYSEAMERICAN:PFNX) last announced its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.07. The business had revenue of $2.81 million during the quarter, compared to analyst estimates of $5.65 million.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Pfenex by 15.6% in the second quarter. BlackRock Inc. now owns 1,962,923 shares of the biotechnology company’s stock worth $13,230,000 after acquiring an additional 265,513 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Pfenex by 8.2% during the second quarter. Renaissance Technologies LLC now owns 1,404,605 shares of the biotechnology company’s stock worth $9,467,000 after purchasing an additional 106,200 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Pfenex by 16.1% during the second quarter. Vanguard Group Inc. now owns 1,250,928 shares of the biotechnology company’s stock worth $8,431,000 after purchasing an additional 173,921 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Pfenex by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 676,046 shares of the biotechnology company’s stock worth $2,157,000 after purchasing an additional 31,132 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Pfenex by 2.4% during the second quarter. Northern Trust Corp now owns 337,569 shares of the biotechnology company’s stock worth $2,275,000 after purchasing an additional 7,888 shares during the period.

About Pfenex

Pfenex Inc, a clinical-stage development and licensing biotechnology company, focuses on developing protein therapies for unmet patient needs. Its lead product candidates include PF708, a therapeutic equivalent drug candidate to Forteo (teriparatide) for the treatment of osteoporosis; and novel anthrax vaccine candidates, such as Px563L and RPA563 that have completed Phase Ia clinical study.

Featured Article: What is required to own or exchange cryptocurrency?

Get a free copy of the Zacks research report on Pfenex (PFNX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Pfenex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pfenex and related companies with MarketBeat.com's FREE daily email newsletter.