Trade-Ideas LLC identified

Progenics Pharmaceuticals

(

PGNX

) as a strong on high relative volume candidate. In addition to specific proprietary factors, Trade-Ideas identified Progenics Pharmaceuticals as such a stock due to the following factors:

  • PGNX has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $4.7 million.
  • PGNX has traded 85,180 shares today.
  • PGNX is trading at 3.48 times the normal volume for the stock at this time of day.
  • PGNX is trading at a new high 4.06% above yesterday's close.

'Strong on High Relative Volume' stocks are worth watching because major volume moves tend to indicate underlying activity such as M&A events, material stock news, analyst upgrades, insider buying, buying from 'superinvestors,' or that hedge funds and momentum traders are piling into a stock ahead of a catalyst. Regardless of the impetus behind the price and volume action, when a stock moves with strength and volume it can indicate the start of a new trend on which early investors can capitalize. In the event of a well-timed trading opportunity, combining technical indicators with fundamental trends and a disciplined trading methodology should help you take the first steps towards investment success.

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More details on PGNX:

Progenics Pharmaceuticals, Inc. develops medicines for oncology in the United States and internationally. Currently there are 2 analysts that rate Progenics Pharmaceuticals a buy, no analysts rate it a sell, and none rate it a hold.

The average volume for Progenics Pharmaceuticals has been 984,700 shares per day over the past 30 days. Progenics has a market cap of $284.0 million and is part of the health care sector and drugs industry. Shares are down 31.6% year-to-date as of the close of trading on Tuesday.

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TheStreetRatings.com

Analysis:

TheStreet Quant Ratings

rates Progenics Pharmaceuticals as a

sell

. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and generally disappointing historical performance in the stock itself.

Highlights from the ratings report include:

  • Return on equity has greatly decreased when compared to its ROE from the same quarter one year prior. This is a signal of major weakness within the corporation. Compared to other companies in the Biotechnology industry and the overall market, PROGENICS PHARMACEUTICAL INC's return on equity significantly trails that of both the industry average and the S&P 500.
  • PGNX's stock share price has done very poorly compared to where it was a year ago: Despite any rallies, the net result is that it is down by 31.31%, which is also worse that the performance of the S&P 500 Index. Investors have so far failed to pay much attention to the earnings improvements the company has managed to achieve over the last quarter. Turning toward the future, the fact that the stock has come down in price over the past year should not necessarily be interpreted as a negative; it could be one of the factors that may help make the stock attractive down the road. Right now, however, we believe that it is too soon to buy.
  • PROGENICS PHARMACEUTICAL INC has improved earnings per share by 44.4% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, PROGENICS PHARMACEUTICAL INC swung to a loss, reporting -$0.56 versus $0.01 in the prior year. This year, the market expects an improvement in earnings ($0.26 versus -$0.56).
  • The company, on the basis of net income growth from the same quarter one year ago, has significantly outperformed against the S&P 500 and exceeded that of the Biotechnology industry average. The net income increased by 41.3% when compared to the same quarter one year prior, rising from -$12.18 million to -$7.15 million.
  • PGNX has no debt to speak of therefore resulting in a debt-to-equity ratio of zero, which we consider to be a relatively favorable sign. Along with this, the company maintains a quick ratio of 7.98, which clearly demonstrates the ability to cover short-term cash needs.

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