Progenics Pharmaceuticals (PGNX) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

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Progenics Pharmaceuticals (NASDAQ:PGNX) announced its quarterly earnings data on Thursday. The biotechnology company reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.09, Morningstar.com reports. The business had revenue of $5.32 million during the quarter, compared to analyst estimates of $4.14 million. Progenics Pharmaceuticals had a negative return on equity of 94.45% and a negative net margin of 341.41%.

Shares of Progenics Pharmaceuticals stock traded down $0.23 on Friday, reaching $5.41. 743,800 shares of the company were exchanged, compared to its average volume of 1,375,316. The firm has a market capitalization of $474.28 million, a PE ratio of -6.01 and a beta of 2.81. The company has a quick ratio of 6.34, a current ratio of 6.34 and a debt-to-equity ratio of 0.68. Progenics Pharmaceuticals has a fifty-two week low of $4.68 and a fifty-two week high of $9.42.

Several institutional investors have recently made changes to their positions in the company. NumerixS Investment Technologies Inc raised its position 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 purchasing an additional 9,800 shares during the period. Alps Advisors Inc. raised its position in shares of Progenics Pharmaceuticals by 13.5% during the second quarter. Alps Advisors Inc. now owns 106,983 shares of the biotechnology company’s stock worth $860,000 after purchasing an additional 12,735 shares during the period. Prudential Financial Inc. raised its position in shares of Progenics Pharmaceuticals by 11.3% during the third quarter. Prudential Financial Inc. now owns 136,292 shares of the biotechnology company’s stock worth $855,000 after purchasing an additional 13,790 shares during the period. AJ Wealth Strategies LLC acquired a new stake in shares of Progenics Pharmaceuticals during the second quarter worth $113,000. Finally, Raymond James & Associates raised its position 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 purchasing an additional 14,008 shares during the period. 76.39% of the stock is currently owned by institutional investors.

Several analysts have recently weighed in on the company. Zacks Investment Research upgraded Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday. ValuEngine lowered Progenics Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 29th. BidaskClub lowered Progenics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, Needham & Company LLC boosted their target price on Progenics Pharmaceuticals from $14.00 to $16.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $11.69.

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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.

Further Reading: Asset Allocation, Balancing Your Investments

Earnings History for Progenics Pharmaceuticals (NASDAQ:PGNX)

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