Pfenex Inc (NYSEMKT:PFNX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Pfenex Inc. is a clinical-stage biotechnology company developing and commercializing proteins. The company’s lead product candidate is PF582, a biosimilar candidate to Lucentis, for the potential treatment of patients with retinal diseases. It leverages its Pf?nex Expression Technology (TM) platform to build a pipeline of product candidates and preclinical products under development including other biosimilars, as well as vaccines, generics and next generation biologics. Pfenex Inc. is headquartered in San Diego, California. “

Several other equities analysts have also recently commented on PFNX. William Blair restated an “outperform” rating on shares of Pfenex in a research report on Monday, June 26th. ValuEngine cut shares of Pfenex from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st.

Shares of Pfenex (NYSEMKT PFNX) opened at 3.16 on Wednesday. The company has a market capitalization of $74.35 million, a PE ratio of 50.97 and a beta of 4.65. Pfenex has a 52 week low of $2.94 and a 52 week high of $11.35. The firm’s 50-day moving average is $3.27 and its 200 day moving average is $4.21.

Pfenex (NYSEMKT:PFNX) last issued its earnings results on Wednesday, August 9th. The biotechnology company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.06). The firm had revenue of $3.03 million during the quarter, compared to analyst estimates of $3.10 million. Pfenex had a negative net margin of 406.87% and a negative return on equity of 75.61%. Pfenex’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.43) earnings per share. On average, analysts anticipate that Pfenex will post ($2.09) earnings per share for the current fiscal year.

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A number of hedge funds have recently added to or reduced their stakes in PFNX. Russell Investments Group Ltd. increased its position in Pfenex by 221.0% during the 1st quarter. Russell Investments Group Ltd. now owns 32,186 shares of the biotechnology company’s stock worth $187,000 after purchasing an additional 22,160 shares in the last quarter. LMR Partners LLP acquired a new position in Pfenex during the 2nd quarter worth approximately $252,000. Susquehanna International Group LLP acquired a new position in Pfenex during the 2nd quarter worth approximately $272,000. Goldman Sachs Group Inc. increased its position in Pfenex by 126.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 56,020 shares of the biotechnology company’s stock worth $325,000 after purchasing an additional 31,308 shares in the last quarter. Finally, Spark Investment Management LLC acquired a new position in Pfenex during the 1st quarter worth approximately $439,000.

About Pfenex

Pfenex Inc is a clinical-stage biotechnology company. The Company is engaged in the development of biosimilar and therapeutic equivalent products to branded therapeutics and other high-value and difficult-to-manufacture proteins. Its lead product candidate is PF582, a biosimilar candidate to Lucentis (ranibizumab).

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