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TMCNet:  Stock to Watch: Progenics Pharmaceuticals Down 15.6% (PGNX)

[November 09, 2012]

Stock to Watch: Progenics Pharmaceuticals Down 15.6% (PGNX)

Nov 09, 2012 (SmarTrend(R) Spotlight via COMTEX) -- Progenics Pharmaceuticals (NASDAQ:PGNX) is one of today's worst performing low-priced stocks, down 15.6% to $1.68 on 1.6x average daily volume. Progenics Pharmaceuticals has traded 375,000 shares thus far today, vs. average volume of 234,000 shares per day. The stock has underperformed the Dow (-15.6% to the Dow's 0.1%) and underperformed the S&P 500 (-15.6% to the S&P's 0.4%) during today's trading.

In the past 52 weeks, shares of Progenics Pharmaceuticals have traded between the current low of $1.63 and a high of $11.34 and are now at $1.68. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.4% while the 200-day MA has slid 1.2%.

Progenics Pharmaceuticals has overhead space with shares priced $1.68, or 86.7% below the average consensus analyst price target of $12.67. The stock should find initial resistance at its 50-day moving average (MA) of $3.28 and further resistance at its 200-day MA of $7.50.

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.

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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