Pfenex (NYSEAMERICAN:PFNX) Given New $17.00 Price Target at JMP Securities

Pfenex (NYSEAMERICAN:PFNX) had its price objective upped by JMP Securities from $13.00 to $17.00 in a research report released on Wednesday, The Fly reports. They currently have an outperform rating on the biotechnology company’s stock.

Separately, Zacks Investment Research upgraded Pfenex from a hold rating to a buy rating and set a $7.75 price target on the stock in a research note on Thursday, August 15th.

Pfenex stock opened at $9.29 on Wednesday. Pfenex has a 52 week low of $3.13 and a 52 week high of $10.16.

Pfenex (NYSEAMERICAN:PFNX) last posted its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.07. The business had revenue of $2.81 million during the quarter, compared to the consensus estimate of $5.65 million.

In related news, insider Patrick K. Lucy sold 6,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $8.00, for a total transaction of $48,000.00.

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA lifted its holdings in Pfenex by 2,127.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,037 shares of the biotechnology company’s stock worth $37,000 after buying an additional 5,766 shares in the last quarter. Meeder Asset Management Inc. lifted its stake in shares of Pfenex by 308.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 8,755 shares of the biotechnology company’s stock valued at $59,000 after purchasing an additional 6,613 shares during the period. Marshall Wace LLP acquired a new position in shares of Pfenex in the 2nd quarter valued at $80,000. Weiss Asset Management LP acquired a new position in shares of Pfenex in the 1st quarter valued at $81,000. Finally, Janus Henderson Group PLC acquired a new position in shares of Pfenex in the 2nd quarter valued at $91,000.

About Pfenex

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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