Zacks Investment Research Lowers Pfenex (NYSEAMERICAN:PFNX) to Hold

Zacks Investment Research lowered shares of Pfenex (NYSEAMERICAN:PFNX) from a strong-buy rating to a hold rating in a report issued on Thursday morning, Zacks.com reports.

According to Zacks, “Pfenex Inc. is a clinical-stage biotechnology company developing and commercializing proteins. The company’s lead product candidate is PF582, a biosimilar candidate to Lucentis, for the potential treatment of patients with retinal diseases. It leverages its Pf?nex Expression Technology (TM) platform to build a pipeline of product candidates and preclinical products under development including other biosimilars, as well as vaccines, generics and next generation biologics. Pfenex Inc. is headquartered in San Diego, California. “

Separately, William Blair reissued a buy rating on shares of Pfenex in a research report on Tuesday, April 2nd.

PFNX stock opened at $6.16 on Thursday. Pfenex has a one year low of $3.13 and a one year high of $7.64.

Pfenex (NYSEAMERICAN:PFNX) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.12) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.13. The firm had revenue of $10.36 million for the quarter, compared to analysts’ expectations of $5.63 million.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA grew its stake in shares of Pfenex by 2,127.7% in the first quarter. BNP Paribas Arbitrage SA now owns 6,037 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 5,766 shares in the last quarter. Weiss Asset Management LP acquired a new position in shares of Pfenex in the first quarter worth $81,000. Rhumbline Advisers grew its stake in shares of Pfenex by 66.2% in the fourth quarter. Rhumbline Advisers now owns 33,921 shares of the biotechnology company’s stock worth $108,000 after acquiring an additional 13,517 shares in the last quarter. Millennium Management LLC grew its stake in shares of Pfenex by 496.1% in the fourth quarter. Millennium Management LLC now owns 75,364 shares of the biotechnology company’s stock worth $240,000 after acquiring an additional 62,722 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Pfenex by 16.9% in the fourth quarter. Bank of New York Mellon Corp now owns 95,602 shares of the biotechnology company’s stock worth $305,000 after acquiring an additional 13,795 shares in the last quarter.

Pfenex Company Profile

Pfenex Inc, a clinical-stage development and licensing biotechnology company, focuses on developing protein therapies for unmet patient needs. Its lead product candidates include PF708, a therapeutic equivalent drug candidate to Forteo (teriparatide) for the treatment of osteoporosis; and novel anthrax vaccine candidates, such as Px563L and RPA563 that have completed Phase Ia clinical study.

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