Today’s Research Reports on Biotech Stocks to Watch: Novavax and Progenics Pharmaceuticals
Positive economic data and another strong performance by the Technology sector helped lift major indexes higher Thursday. The Dow Jones Industrial Average increased 0.27 percent to close at 20,663.02, while the S&P 500 Index gained 0.37 percent to close at 2,365.72. The Nasdaq Composite Index jumped 0.73 percent to close at 6,055.13. On Thursday, the Labor Department reported initial jobless claims declined by 4,000 to a seasonally adjusted 232,000 in the week ended May 13th. This marked the third consecutive week of declines and topped economists’ forecasts of 240,000.
“I still continue to go back to the economy when I’m talking to clients. As long as the U.S. economy remains in a good foundation…that creates a supportive environment for equities,” said Shannon Saccocia, head of asset allocation and portfolio strategy at Boston Private Wealth, The Wall Street Journal reported.
RDI Initiates Coverage on:
Progenics Pharmaceuticals, Inc.
Novavax shares jumped 5.83 percent to close at $1.09 a share on Thursday. The stock traded between $1.01 and $1.11 on volume of 4.52 million shares traded. The company reported a net loss of $43.9 million, or $0.16 per share, for the first quarter of 2017, compared to a net loss of $77.3 million, or $0.29 per share, for the same quarter a year ago. Revenues totaled $5.7 million for the first quarter, an increase of 35 percent year-over-year. The company had $211.2 million in cash and cash equivalents and marketable securities, as of March 31st, 2017. Shares of Novavax have fallen approximately 13.49 percent year-to-date.
“We continued to make significant progress in the execution of our two key clinical trials of our RSV F vaccine for both infant via maternal immunization and in older adults. We look forward to reporting important clinical data from our older adult trial in the next 90 days. We’ve also been in discussion with the FDA about conducting an informational analysis of the Prepare trial that would provide an indication of our vaccine’s potential efficacy. From these discussions, we believe we can conduct this analysis in late 2017,” said Stanley C. Erck, President and CEO.
Access RDI’s Novavax Research Report at:
Progenics Pharmaceuticals’ shares jumped 7.3 percent to close at $7.16 a share on Thursday. The stock traded between $6.65 and $7.23 on volume of 1.02 million shares traded. The company reported a $16.4 million or a loss of $0.23 per diluted share, compared to a net loss of $12.7 million, or a loss of $0.18 per diluted share, for the same quarter a year ago. Revenues totaled $2.3 million for the first quarter of 2017, down from $2.5 million a year ago. Shares of Progenics Pharmaceuticals have fallen approximately 17.13 percent year-to-date.
“This first quarter of 2017 was marked by major developments within our clinical pipeline, particularly the announcement of positive topline data from our registrational Phase 2b study of AZEDRA for the treatment of pheochromocytoma and paraganglioma,” said Mark Baker, Chief Executive Officer of Progenics. “The study not only achieved its primary endpoint by a significant margin, but also showed that treatment with AZEDRA resulted in favorable anti-tumor activity, a key secondary endpoint. We are now working diligently to complete our New Drug Application for this important new therapy, which we remain on track to submit by the middle of this year.”
Access RDI’s Progenics Pharmaceuticals Research Report at:
Our Actionable Research on Novavax, Inc. (NASDAQ:NVAX) and Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) can be downloaded free of charge at Research Driven Investing.
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