Progenics Pharmaceuticals (PGNX) Downgraded by Zacks Investment Research to Hold

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Progenics Pharmaceuticals (NASDAQ:PGNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

According to Zacks, “Progenics Pharmaceuticals, Inc. is developing innovative medicines for oncology, with a pipeline that includes several product candidates in later-stage clinical development. Progenics’ first-in-class PSMA-targeted technology platform for prostate cancer includes an antibody drug conjugate therapeutic in a two-cohort phase 2 clinical trial and a small molecule imaging agent that has completed patient dosing in a phase 2 trial. Among other assets in its pipeline of targeted radiotherapy and molecular imaging compounds is Azedra(TM), an ultra-orphan radiotherapy candidate also in a phase 2 study under an SPA. Progenics’ first commercial product, Relistor(R) (methylnaltrexone bromide) for opioid-induced constipation, is partnered with and marketed by Salix Pharmaceuticals, Inc. “

Other analysts have also issued reports about the company. ValuEngine raised Progenics Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, November 8th. Credit Suisse Group assumed coverage on Progenics Pharmaceuticals in a report on Friday, December 7th. They issued an “outperform” rating and a $6.50 price objective on the stock. Finally, BidaskClub upgraded Progenics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $10.35.

Shares of NASDAQ:PGNX opened at $4.62 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 9.51 and a quick ratio of 9.51. Progenics Pharmaceuticals has a 12-month low of $3.62 and a 12-month high of $9.42.

Several large investors have recently made changes to their positions in PGNX. Oregon Public Employees Retirement Fund purchased a new stake in shares of Progenics Pharmaceuticals during the 4th quarter valued at about $32,000. Quantamental Technologies LLC purchased a new stake in shares of Progenics Pharmaceuticals during the 4th quarter valued at about $42,000. Advisor Group Inc. raised its holdings in shares of Progenics Pharmaceuticals by 2,466.1% during the 4th quarter. Advisor Group Inc. now owns 12,651 shares of the biotechnology company’s stock valued at $53,000 after buying an additional 12,158 shares during the period. Amalgamated Bank purchased a new stake in shares of Progenics Pharmaceuticals during the 4th quarter valued at about $53,000. Finally, Boston Advisors LLC purchased a new stake in shares of Progenics Pharmaceuticals during the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.

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