Progenics Pharmaceuticals, Inc. (PGNX) PT Raised to $14.00 at Jefferies Group LLC

Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) had its price objective increased by analysts at Jefferies Group LLC from $13.00 to $14.00 in a research note issued on Tuesday. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Jefferies Group LLC’s price target would suggest a potential upside of 72.20% from the stock’s previous close.

A number of other research firms have also recently issued reports on PGNX. Zacks Investment Research upgraded shares of Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, March 11th. Needham & Company LLC upgraded shares of Progenics Pharmaceuticals from a “buy” rating to a “strong-buy” rating and lifted their target price for the company from $11.00 to $14.00 in a research note on Monday, February 6th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $11.29.

Analyst Recommendations for Progenics Pharmaceuticals (NASDAQ:PGNX)

Progenics Pharmaceuticals (NASDAQ:PGNX) traded down 3.1193% during trading on Tuesday, reaching $7.8764. The company’s stock had a trading volume of 318,727 shares. The stock has a 50 day moving average price of $10.03 and a 200 day moving average price of $8.66. The stock has a market capitalization of $552.84 million, a PE ratio of 52.5093 and a beta of 3.11. Progenics Pharmaceuticals has a 1-year low of $4.00 and a 1-year high of $11.72.

Progenics Pharmaceuticals (NASDAQ:PGNX) last posted its earnings results on Thursday, March 9th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.10. Progenics Pharmaceuticals had a net margin of 15.55% and a return on equity of 12.27%. The company earned $4.65 million during the quarter, compared to analysts’ expectations of $4.43 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. Progenics Pharmaceuticals’s quarterly revenue was down 8.8% compared to the same quarter last year. Analysts anticipate that Progenics Pharmaceuticals will post ($0.54) earnings per share for the current fiscal year.

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In related news, major shareholder Healthcare Master Fun Broadfin sold 602,600 shares of the firm’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $9.66, for a total value of $5,821,116.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.48% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Oxford Asset Management bought a new stake in shares of Progenics Pharmaceuticals during the fourth quarter worth $2,380,000. State Board of Administration of Florida Retirement System raised its stake in shares of Progenics Pharmaceuticals by 56.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 71,141 shares of the biotechnology company’s stock worth $615,000 after buying an additional 25,801 shares in the last quarter. Phocas Financial Corp. raised its stake in shares of Progenics Pharmaceuticals by 145.4% in the third quarter. Phocas Financial Corp. now owns 1,593,088 shares of the biotechnology company’s stock worth $10,084,000 after buying an additional 943,793 shares in the last quarter. Park West Asset Management LLC acquired a new stake in Progenics Pharmaceuticals during the third quarter worth approximately $3,442,000. Finally, Baker BROS. Advisors LP acquired a new stake in Progenics Pharmaceuticals during the third quarter worth approximately $23,110,000. 85.95% of the stock is owned by institutional investors and hedge funds.

Progenics Pharmaceuticals Company Profile

Progenics Pharmaceuticals, Inc is engaged in developing medicines and other products for targeting and treating cancer. The Company’s pipeline includes therapeutic agents designed to target cancer (AZEDRA and 1095); prostate specific membrane antigen (PSMA)-targeted imaging agents for prostate cancer (1404 and PyL), and imaging analysis tools.

5 Day Chart for NASDAQ:PGNX

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