Shares of Progenics Pharmaceuticals (PGNX) Drops by -6.76%

Progenics Pharmaceuticals (PGNX) has risen sharply, recording gains of 10.39% in the past 4 weeks. However, the stock has corrected -6.76% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 5.77% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week. The stock has recorded a 20-day Moving Average of 7.63% and the 50-Day Moving Average is 6.31%.

Progenics Pharmaceuticals (NASDAQ:PGNX): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $4.87 and $4.82 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $5.12. The buying momentum continued till the end and the stock did not give up its gains. It closed at $5.10, notching a gain of 5.59% for the day. The total traded volume was 1,755,836 . The stock had closed at $4.83 on the previous day.


The company Insiders own 5.48% of Progenics Pharmaceuticals shares according to the proxy statements. Institutional Investors own 86.28% of Progenics Pharmaceuticals shares. In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director of Progenics Pharmaceuticals Inc, Maddon Paul J, had purchased 5,000 shares in a transaction dated on December 1, 2010. The transaction was executed at $4.9 per share with total amount equaling $24,500.

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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