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Why you Shouldn't Bet Against Progenics Pharmaceuticals (PGNX) Stock?

Zacks Equity Research

One stock that might be an intriguing choice for investors right now is Progenics Pharmaceuticals, Inc. (PGNX). This is because this security in the Biotechnology space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.

This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the Biotechnology space as it currently has a Zacks Industry Rank of 64 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.

Meanwhile, Progenics Pharmaceuticals is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.

Over the past month, current quarter estimates have narrowed from a loss of 20 cents per share to a loss of 19 cents per share, while current year estimates narrowed from a loss of 83 cents per share to a loss of 81 cents per share. The company currently holds a Zacks Rank #3 (Hold), which is also a favorable signal.

So, if you are looking for a decent pick in a strong industry, consider Progenics Pharmaceuticals. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.

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