Zacks Investment Research cut shares of Pfenex (NYSEAMERICAN:PFNX) from a buy rating to a sell rating in a research report sent to investors on Wednesday.

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 reaffirmed an outperform rating on shares of Pfenex in a research report on Wednesday, April 25th. Two equities research analysts have rated the stock with a sell rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $7.42.

Shares of PFNX stock opened at $4.75 on Wednesday. Pfenex has a one year low of $2.07 and a one year high of $8.42.

Pfenex (NYSEAMERICAN:PFNX) last issued its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.05). The firm had revenue of $4.19 million during the quarter, compared to the consensus estimate of $5.55 million. Pfenex had a negative return on equity of 63.57% and a negative net margin of 175.52%.

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers bought a new position in Pfenex in the second quarter worth $103,000. Hilltop Holdings Inc. bought a new position in Pfenex in the second quarter worth $149,000. Algert Global LLC bought a new position in Pfenex in the second quarter worth $154,000. Schwab Charles Investment Management Inc. bought a new position in shares of Pfenex during the second quarter valued at $216,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Pfenex by 94.3% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 62,833 shares of the biotechnology company’s stock valued at $340,000 after acquiring an additional 30,488 shares during the period.

About Pfenex

Pfenex Inc, a clinical-stage biotechnology company, develops biosimilar therapeutics in the United States. The company's lead product candidates include PF708, a therapeutic equivalent candidate to Forteo (teriparatide) for the treatment of osteoporosis; and novel anthrax vaccine candidates, such as Px563L and RPA563 that are in Phase I study.

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