Needham & Company LLC Lowers Progenics Pharmaceuticals (PGNX) to Buy

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Needham & Company LLC downgraded shares of Progenics Pharmaceuticals (NASDAQ:PGNX) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday morning, MarketBeat.com reports. The brokerage currently has $12.00 target price on the biotechnology company’s stock, down from their previous target price of $16.00.

A number of other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Progenics Pharmaceuticals from a hold rating to a sell rating in a research report on Saturday, August 4th. ValuEngine raised shares of Progenics Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Monday, July 30th. BidaskClub raised shares of Progenics Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Thursday, May 31st. Jefferies Financial Group reissued a buy rating and set a $13.00 target price on shares of Progenics Pharmaceuticals in a research report on Wednesday, August 1st. Finally, 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. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Progenics Pharmaceuticals presently has an average rating of Hold and an average target price of $11.69.

PGNX opened at $5.62 on Thursday. The company has a market cap of $550.12 million, a P/E ratio of -6.24 and a beta of 2.39. Progenics Pharmaceuticals has a 1 year low of $5.01 and a 1 year 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.

Progenics Pharmaceuticals (NASDAQ:PGNX) last posted its earnings results on Tuesday, July 31st. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.02). The business had revenue of $3.88 million for the quarter, compared to analyst estimates of $3.30 million. Progenics Pharmaceuticals had a negative return on equity of 94.45% and a negative net margin of 341.41%. analysts expect that Progenics Pharmaceuticals will post -0.64 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AJ Wealth Strategies LLC purchased a new position in Progenics Pharmaceuticals in the 2nd quarter worth approximately $113,000. Clinton Group Inc. purchased a new position in Progenics Pharmaceuticals in the 2nd quarter worth approximately $121,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Progenics Pharmaceuticals in the 2nd quarter worth approximately $125,000. NumerixS Investment Technologies Inc boosted its holdings in Progenics Pharmaceuticals by 163.3% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 15,800 shares of the biotechnology company’s stock worth $128,000 after acquiring an additional 9,800 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new position in Progenics Pharmaceuticals in the 2nd quarter worth approximately $160,000. 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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