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TMCNet:  Downgrade Alert for Progenics Pharmaceuticals (PGNX)

[November 09, 2012]

Downgrade Alert for Progenics Pharmaceuticals (PGNX)

Nov 09, 2012 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Progenics Pharmaceuticals (NASDAQ:PGNX) was downgraded from Buy to Hold at Brean Capital today. The stock closed yesterday at $1.99 on volume of 585,000 shares, above average daily volume of 234,000. Over the past year, Progenics Pharmaceuticals has traded in a range of $1.96 to $11.34 and closed yesterday at $1.99, 2% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 2.4%.

Progenics Pharmaceuticals, Inc. is a biopharmaceutical company. The Company develops and distributes therapeutic products to treat the unmet medical needs of patients with debilitating conditions and life-threatening diseases. Progenics' principal programs are directed toward supportive care, virology (human immunodeficiency virus and hepatitis C virus infections), and oncology.

Progenics Pharmaceuticals (NASDAQ:PGNX) has potential upside of 536.5% based on a current price of $1.99 and analysts' consensus price target of $12.67. Progenics Pharmaceuticals shares should first meet resistance at the 50-day moving average (MA) of $3.28 and find additional resistance at the 200-day MA of $7.50.

SmarTrend recommended that its subscribers protect gains by selling shares of Progenics Pharmaceuticals on July 30th, 2012 by issuing a Downtrend alert when the shares were trading at $5.90. Since that call, shares of Progenics Pharmaceuticals have fallen 66.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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