Progenics Receives a Buy from Jefferies

By Austin Angelo

Jefferies analyst Gena Wang reiterated a Buy rating on Progenics (NASDAQ: PGNX) yesterday and set a price target of $9. The company’s shares closed yesterday at $5.45.

Wang noted:

“On 3Q16 EC, PGNX announced a $50M term loan backed by Relistor royalties and we see upside to PGNX if with a better Relistor launch. Initial oral Relistor launch was slightly behind Movantik but impact on net revenues remains to be seen given 5X price premium. We expect positive Azedra Ph2b (1Q17) to provide additional revenue in 2017.”

According to TipRanks.com, Wang is ranked 0 out of 5 stars with an average return of -37.1% and a 14.0% success rate. Wang covers the Healthcare sector, focusing on stocks such as Dimension Therapeutics Inc, Cascadian Therapeutics, and Atara Biotherapeutics.

Currently, the analyst consensus on Progenics is Strong Buy and the average price target is $11, representing a 101.8% upside.

In a report issued on October 26, Aegis Capital also initiated coverage with a Buy rating on the stock with a $11 price target.

Based on Progenics’ latest earnings report from June 30, the company posted quarterly revenue of $8.48M and quarterly net profit of -$5.64M. In comparison, last year the company earned revenue of $1.4M and had a net profit of -$10.01M.

Progenics Pharmaceuticals, Inc. engages in the development of medicines and other products for the treatment of cancer. Its products are therapeutic agents, which are designed to target cancer and imaging agents, which enables clinicians and patients to visualize and manage their disease. The company was founded by Paul J. Maddon on December 1, 1986 and is headquartered in Tarrytown, NY.