NEW YORK, October 14, 2019 – Shares of Progenics Pharmaceuticals Inc. (NASDAQ: PGNX) showed the bullish trend with a higher momentum of 2.17% to $5.18. The company traded total volume of 1.234M shares as contrast to its average volume of 1.22M shares. The company has a market value of $439.21M and about 84.79M shares outstanding.
Progenics Pharmaceuticals, Inc. (PGNX) reported first quarter revenue of $4.30M, up from $3.20M in the first quarter of 2018, reflecting RELISTOR royalty income of $4.20M compared to $3.10M in the corresponding period of 2018.
First quarter research and development expenses increased by $4.30M compared to the corresponding prior year period, resulting primarily from one-time transition costs for the AZEDRA manufacturing site and higher clinical and contract manufacturing costs for PyL. First quarter selling, general and administrative expenses increased by $2.50M compared to the corresponding prior year period, primarily attributable to higher costs associated with the buildout of the commercial infrastructure to support the launch and distribution of AZEDRA and higher legal expenses. Progenics also recorded non-cash adjustments of $0.90M in the first quarter 2019, related to changes in the fair value estimate of the contingent consideration liability. For the three months ended March 31, 2019, Progenics recognized interest expense of $1.10M related to the RELISTOR royalty-backed loan.
Net loss for the first quarter was $18.70M, or $0.22 per diluted share, compared to net loss of $13.40M, or $0.19 per diluted share, in the corresponding 2018 period.
Progenics ended the first quarter with cash and cash equivalents of $109.60M, a decrease of $28.10M compared to cash and cash equivalents as of December 31, 2018, which includes approximately $10.80M related to the acquisition, transition and start-up costs of the Somerset manufacturing site for the AZEDRA launch.
The Company offered gross profit margin of 97.80%. ROE was recorded as -83.30% while beta factor was 2.79. The stock, as of recent close, has shown the weekly downbeat performance of -8.64% which was maintained at 23.33% in this year.