ValuEngine Upgrades Progenics Pharmaceuticals (NASDAQ:PGNX) to Buy

ValuEngine upgraded shares of Progenics Pharmaceuticals (NASDAQ:PGNX) from a hold rating to a buy rating in a research note published on Wednesday, ValuEngine reports.

Other equities analysts have also recently issued research reports about the company. Brookline Capital Management assumed coverage on Progenics Pharmaceuticals in a report on Monday, July 29th. They issued a buy rating and a $10.00 price objective for the company. UBS Group restated a positive rating on shares of Progenics Pharmaceuticals in a report on Thursday, June 20th. Zacks Investment Research upgraded Progenics Pharmaceuticals from a sell rating to a hold rating in a report on Wednesday, May 22nd. BTIG Research set a $14.00 price target on Progenics Pharmaceuticals and gave the stock a buy rating in a report on Monday, August 12th. Finally, BidaskClub cut Progenics Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, August 14th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $9.55.

Shares of NASDAQ PGNX opened at $4.29 on Wednesday. The stock has a market capitalization of $370.74 million, a price-to-earnings ratio of -6.81 and a beta of 2.76. The business has a 50-day moving average of $4.94 and a 200-day moving average of $4.78. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.25 and a quick ratio of 4.25. Progenics Pharmaceuticals has a fifty-two week low of $3.42 and a fifty-two week high of $8.11.

Progenics Pharmaceuticals (NASDAQ:PGNX) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.23) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.02). The company had revenue of $9.97 million during the quarter, compared to the consensus estimate of $6.40 million. Progenics Pharmaceuticals had a negative net margin of 339.86% and a negative return on equity of 65.17%. On average, sell-side analysts expect that Progenics Pharmaceuticals will post -1 EPS for the current year.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in Progenics Pharmaceuticals by 1.5% during the second quarter. BlackRock Inc. now owns 13,742,674 shares of the biotechnology company’s stock worth $84,792,000 after purchasing an additional 209,687 shares during the period. Point72 Asset Management L.P. grew its holdings in Progenics Pharmaceuticals by 1.0% during the second quarter. Point72 Asset Management L.P. now owns 5,858,749 shares of the biotechnology company’s stock worth $36,148,000 after purchasing an additional 58,749 shares during the period. Farallon Capital Management LLC grew its holdings in Progenics Pharmaceuticals by 32.0% during the second quarter. Farallon Capital Management LLC now owns 5,543,386 shares of the biotechnology company’s stock worth $34,203,000 after purchasing an additional 1,342,566 shares during the period. Vanguard Group Inc. grew its holdings in Progenics Pharmaceuticals by 7.2% during the second quarter. Vanguard Group Inc. now owns 5,463,704 shares of the biotechnology company’s stock worth $33,712,000 after purchasing an additional 364,803 shares during the period. Finally, Eagle Asset Management Inc. grew its holdings in Progenics Pharmaceuticals by 0.3% during the first quarter. Eagle Asset Management Inc. now owns 4,508,430 shares of the biotechnology company’s stock worth $20,919,000 after purchasing an additional 13,065 shares during the period. Institutional investors and hedge funds own 76.76% of the company’s stock.

About Progenics Pharmaceuticals

Progenics Pharmaceuticals, Inc, an oncology company, develops, manufactures, and commercializes pharmaceutical products and other technologies to target, diagnose, and treat cancer cancer in the United States and internationally. The company's product candidates include Azedra, a radiotherapeutic product candidate for the treatment of iobenguane scan positive, unresectable, and locally advanced or metastatic pheochromocytoma or paraganglioma for adult and pediatric patients; PyL, a clinical-stage fluorinated prostate specific membrane antigen (PSMA)-targeted PET/CT imaging agent for prostate cancer; and 1095, a PSMA-targeted Iodine-131 labeled small molecule, which is in Phase II clinical trial for the treatment of metastatic castration-resistant prostate cancer.

See Also: How does quantitative easing work?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Progenics Pharmaceuticals (NASDAQ:PGNX)

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