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TMCNet:  Traders Get Bullish on Shares of Progenics Pharmaceuticals, Shares Up 7.6% (PGNX)

[November 16, 2012]

Traders Get Bullish on Shares of Progenics Pharmaceuticals, Shares Up 7.6% (PGNX)

Nov 16, 2012 (SmarTrend(R) Spotlight via COMTEX) -- Progenics Pharmaceuticals (NASDAQ:PGNX) is one of today's best performing low-priced stocks, up 7.6% to $1.83 on 1.0x average daily volume. Progenics Pharmaceuticals has traded 238,000 shares thus far today, vs. average volume of 234,000 shares per day. The stock has outperformed the Dow (7.6% to the Dow's 0.1%) and outperformed the S&P 500 (7.6% to the S&P's 0.2%) during today's trading.

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 592.2% based on a current price of $1.83 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.

Over the past year, Progenics Pharmaceuticals has traded in a range of $1.41 to $11.34 and is now at $1.83, 30% above that low. The 200-day and 50-day moving averages have moved 1.24% lower and 2.4% lower over the past week, respectively.

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 71.2%. 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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