Progenics Pharmaceuticals (PGNX) Is Today's Dead Cat Bounce Stock

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified Progenics Pharmaceuticals ( PGNX) as a "dead cat bounce" (down big yesterday but up big today) 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 $13.3 million.
  • PGNX has traded 162,871 shares today.
  • PGNX is up 8.4% today.
  • PGNX was down 8.1% yesterday.

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More details on PGNX:

Progenics Pharmaceuticals, Inc. engages in the research and development of biotechnology product candidates in the areas of oncology and therapeutics worldwide. Currently there is 1 analyst that rates Progenics Pharmaceuticals a buy, no analysts rate it a sell, and 2 rate it a hold.

The average volume for Progenics Pharmaceuticals has been 1.1 million shares per day over the past 30 days. Progenics has a market cap of $273.7 million and is part of the health care sector and drugs industry. The stock has a beta of 1.64 and a short float of 10.9% with 1.37 days to cover. Shares are down 2.4% year-to-date as of the close of trading on Thursday.

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TheStreetRatings.com Analysis:

TheStreet Quant Ratings rates Progenics Pharmaceuticals as a sell. Among the areas we feel are negative, one of the most important has been weak operating cash flow.

Highlights from the ratings report include:
  • Net operating cash flow has decreased to -$8.95 million or 31.09% when compared to the same quarter last year. In addition, when comparing the cash generation rate to the industry average, the firm's growth is significantly lower.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength 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.
  • The company, on the basis of net income growth from the same quarter one year ago, has underperformed when compared to that of the S&P 500 and the Biotechnology industry average. The net income increased by 7.1% when compared to the same quarter one year prior, going from -$11.30 million to -$10.50 million.
  • The revenue fell significantly faster than the industry average of 11.1%. Since the same quarter one year prior, revenues fell by 22.4%. The declining revenue has not hurt the company's bottom line, with increasing earnings per share.
  • PROGENICS PHARMACEUTICAL INC has improved earnings per share by 48.5% 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 -$1.05 versus $0.29 in the prior year. This year, the market expects an improvement in earnings (-$0.82 versus -$1.05).

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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