Zacks: Brokerages Expect Progenics Pharmaceuticals, Inc. (PGNX) to Announce -$0.18 Earnings Per Share

Equities analysts expect that Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) will report ($0.18) earnings per share for the current quarter, Zacks reports. Two analysts have made estimates for Progenics Pharmaceuticals’ earnings. The highest EPS estimate is ($0.17) and the lowest is ($0.19). Progenics Pharmaceuticals posted earnings per share of ($0.22) during the same quarter last year, which would suggest a positive year over year growth rate of 18.2%. The business is scheduled to report its next earnings results on Thursday, November 1st.

On average, analysts expect that Progenics Pharmaceuticals will report full year earnings of ($0.67) per share for the current fiscal year, with EPS estimates ranging from ($0.75) to ($0.59). For the next year, analysts anticipate that the company will report earnings of ($0.25) per share, with EPS estimates ranging from ($0.29) to ($0.21). Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that cover Progenics Pharmaceuticals.

Progenics Pharmaceuticals (NASDAQ:PGNX) last released its quarterly 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 firm had revenue of $3.88 million during the quarter, compared to analysts’ expectations of $3.30 million. Progenics Pharmaceuticals had a negative return on equity of 94.45% and a negative net margin of 341.41%.

A number of equities research analysts have commented on the company. Zacks Investment Research cut Progenics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, August 4th. Needham & Company LLC lifted their target price on Progenics Pharmaceuticals from $14.00 to $16.00 and gave the stock a “strong-buy” rating in a report on Tuesday, July 31st. ValuEngine raised Progenics Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Monday, July 30th. BidaskClub raised Progenics Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $13.00 target price on shares of Progenics Pharmaceuticals in a report on Wednesday, August 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $11.69.

Several hedge funds have recently modified their holdings of PGNX. Millennium Management LLC purchased a new position in Progenics Pharmaceuticals in the fourth quarter worth about $169,000. Schwab Charles Investment Management Inc. boosted its position in shares of Progenics Pharmaceuticals by 11.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 361,621 shares of the biotechnology company’s stock valued at $2,698,000 after buying an additional 36,265 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Progenics Pharmaceuticals by 268.7% during the first quarter. JPMorgan Chase & Co. now owns 326,562 shares of the biotechnology company’s stock valued at $2,436,000 after buying an additional 237,992 shares during the period. New York State Common Retirement Fund boosted its position in shares of Progenics Pharmaceuticals by 16.5% during the first quarter. New York State Common Retirement Fund now owns 176,660 shares of the biotechnology company’s stock valued at $1,318,000 after buying an additional 24,979 shares during the period. Finally, Carillon Tower Advisers Inc. boosted its position in shares of Progenics Pharmaceuticals by 7.8% during the first quarter. Carillon Tower Advisers Inc. now owns 3,948,024 shares of the biotechnology company’s stock valued at $28,070,000 after buying an additional 285,906 shares during the period. 88.74% of the stock is currently owned by hedge funds and other institutional investors.

Progenics Pharmaceuticals stock traded up $0.01 during trading on Friday, reaching $6.13. The company had a trading volume of 29,129 shares, compared to its average volume of 1,777,896. Progenics Pharmaceuticals has a 52 week low of $5.01 and a 52 week high of $9.42. The stock has a market cap of $466.47 million, a P/E ratio of -6.80 and a beta of 2.39. The company has a debt-to-equity ratio of 0.68, a quick ratio of 6.34 and a current ratio of 6.34.

About Progenics Pharmaceuticals

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: Earnings Per Share (EPS)

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