Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) Continues To Move Up
The $238 million market cap biotech firm Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) posted a huge 9.7% increase in its market value during trading on November 21. This follows a substantial 20.8% increase in its share price during trading last week. The huge build up in the momentum in the stock over the past 10 days has been attributed to better than expected results that the drug maker posted for its 3Q on November 14.
Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) third quarter net loss from operations came in at $0.17 per share which was way below the $0.33 that it had reported in 3Q12. The earnings increase was offset by a dip in the quarterly revenue. It was able to rustle up revenue to the tune of $0.9 million which was slightly lower than the $1.1 million it had managed to bring in 3Q12. It was able to tide over the lower than expected revenue by keeping its research and development costs in line with its previous year’s spending of $8.1 million and but bringing in sever cost cutting measures to reign in spending at $3.1 million which was 22% lower than its previous year 3Q spending.
In spite of the strong rally by the stock of Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) long term investors should worry about the sequential dip in the sales and revenue figures of the company’s only marketable drug Relistor. The revenue from this flag ship product came in at $4.8 million. This was 2% lower than 3Q12. The sales saw a 30% dip in 3Q compared to 2Q13.
The investor confidence in the stock can be related to the pending new drug application request in front of FDA. This application was filed by Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) partner Salix and is expected to come up for review in March next year.