Needham Upgrades Progenics Pharmaceuticals to Strong Buy with Price Target $14

Brokerage firm Needham Upgrades its rating on Progenics Pharmaceuticals(PGNX). As per the latest information, Needham Raises the price target to $14 per share from a prior target of $11. The shares have been rated Strong Buy. Previously, the analysts had a Buy rating on the shares. The rating by Needham was issued on Feb 6, 2017.

Progenics Pharmaceuticals (PGNX) shares turned negative on Tuesdays trading session with the shares closing down -0.47 points or -4.70% at a volume of 14,20,420. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $10.09. The peak price level was also seen at $10.09 while the days lowest was $9.41. Finally the shares closed at $9.53. The 52-week high of the shares is $10.27 while the 52-week low is $3.61. According to the latest information available, the market cap of the company is $668 M.

Progenics Pharmaceuticals(PGNX) last announced its earnings results on Nov 7, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $53.85M. Analysts had an estimated revenue of $52.90M. Earnings per share were $0.52. The reported EPS was above estimates by $0.03 or NaN%. Analysts had estimated an EPS of $0.55.

Several Insider Transactions has been reported to the SEC. On Apr 22, 2016, Paul J Maddon (director) purchased 5,000 shares at $4.90 per share price.Also, On Jun 15, 2015, Robert J Israel (Executive Vice President, Medi) sold 2,000 shares at $6.83 per share price.

Progenics Pharmaceuticals engaged in developing medicines for oncology. The Company completed Phase II clinical trials of two product candidates for prostate cancer and resumed a pivotal Phase II trial of an ultra-orphan radiotherapy candidate for pheochromocytoma. Its principal clinical-stage product candidates in oncology are PSMA ADC 1404 (trofolastat) and Azedra. PSMA ADC is a human monoclonal antibody-drug conjugate designed to deliver a chemotherapeutic agent to cancer cells by targeting the three-dimensional structure of the PSMA protein. 1404 (trofolastat) is a radio-labeled small molecule which binds PSMA and acts as an imaging agent to diagnose and detect prostate cancer. Azedra is a radiotherapeutic product candidate in development as a treatment for pheochromocytoma a rare tumor found in the adrenal glands and related paraganglioma tumors occurring in other tissues. The Company also commercializes Relistor a cure for opioid-induced constipation (OIC).

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