Jefferies Group Comments on Progenics Pharmaceuticals Inc.’s FY2016 Earnings (PGNX)
Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) – Equities research analysts at Jefferies Group lowered their FY2016 earnings per share estimates for shares of Progenics Pharmaceuticals in a research note issued to investors on Monday. Jefferies Group analyst G. Wang now expects that the brokerage will post earnings per share of $0.14 for the year, down from their prior estimate of $0.17. Jefferies Group has a “Buy” rating and a $10.00 price objective on the stock. Jefferies Group also issued estimates for Progenics Pharmaceuticals’ Q4 2016 earnings at ($0.14) EPS, FY2017 earnings at ($0.28) EPS, FY2018 earnings at $0.13 EPS and FY2020 earnings at $1.08 EPS.
Progenics Pharmaceuticals (NASDAQ:PGNX) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.05. The firm earned $8.50 million during the quarter, compared to the consensus estimate of $6.33 million. Progenics Pharmaceuticals had a negative net margin of 203.56% and a negative return on equity of 41.76%. The company’s quarterly revenue was up 337.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.17) earnings per share.
PGNX has been the topic of several other reports. Brean Capital set a $14.00 target price on Progenics Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 5th. Zacks Investment Research raised Progenics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, July 7th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Progenics Pharmaceuticals in a research note on Friday, July 22nd. Finally, BTIG Research reissued a “buy” rating and issued a $9.00 price target on shares of Progenics Pharmaceuticals in a research note on Wednesday, July 20th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Progenics Pharmaceuticals has an average rating of “Buy” and an average target price of $9.55.
Progenics Pharmaceuticals (NASDAQ:PGNX) traded down 1.150% during trading on Wednesday, reaching $5.585. 424,440 shares of the company were exchanged. The company’s 50-day moving average price is $6.28 and its 200-day moving average price is $5.54. Progenics Pharmaceuticals has a 1-year low of $3.61 and a 1-year high of $8.37. The stock’s market capitalization is $390.87 million.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Princeton Alpha Management LP purchased a new position in shares of Progenics Pharmaceuticals during the second quarter valued at $100,000. Gamco Investors INC. ET AL purchased a new position in shares of Progenics Pharmaceuticals during the second quarter valued at $106,000. Westwood Management Corp IL purchased a new position in shares of Progenics Pharmaceuticals during the third quarter valued at $127,000. AXA boosted its position in shares of Progenics Pharmaceuticals by 86.5% in the second quarter. AXA now owns 31,900 shares of the company’s stock valued at $135,000 after buying an additional 14,800 shares in the last quarter. Finally, KCG Holdings Inc. boosted its position in shares of Progenics Pharmaceuticals by 71.0% in the second quarter. KCG Holdings Inc. now owns 43,712 shares of the company’s stock valued at $184,000 after buying an additional 18,142 shares in the last quarter. 84.32% of the stock is owned by institutional investors and hedge funds.
About Progenics Pharmaceuticals
Progenics Pharmaceuticals, Inc is engaged in developing medicines and other products for targeting and treating cancer. The Company’s products in development include therapeutic agents designed to target cancer and imaging agents, which focuses on enabling clinicians and patients to accurately visualize and manage their diseases.
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