Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) reported a profit for Q3, beating the consensus estimates for both revenue and earnings. The company reported Q3 net income of $37.0 million, or $0.51 per share, well above the Capital IQ consensus estimate for a loss of $0.16 per share. The large discrepancy between the expected loss and realized gain is the result of a significant increase in collaboration income to $40.0 million from $145,000 last year due to a $40.0 million milestone payment from Salix Pharmaceuticals (SLXP) and increase in RELISTOR royalty income. For the same quarter last year, the company reported a net loss of $10.5 million, or a loss of $0.17 per share. Total revenue of $41.7 million beat the consensus estimated $2.79 million, and was up from $867,000 from the year ago period. Shares of Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) last traded at $5.10 with a 52-week range of $3.10 to $7.45.Morgans Hotel Group Co. (NASDAQ:MHGC) on Friday narrowed its quarterly losses, reporting slightly weaker revenue that fell short of analyst estimates. In Q3, Morgans Hotel Group Co. (NASDAQ:MHGC) recorded a net loss attributable to shareholders of $13.7 million or $0.40 per share, compared with a loss of $14.3 million or $0.44 per share in the same period last year, as operational efficiencies offset the impact of one-time items. The loss matched analyst expectations of $0.40 per share, according to Capital IQ estimates. Revenue declined to $55.5 million from $58.2 million last year, falling short of estimates of $59.8 million. Morgans said revenue per available room increased nearly 4% on a year-over-year basis, while operating margins also gained as a result of cost saving initiatives.Agios Pharmaceuticals Inc (NASDAQ:AGIO) a pharmaceutical company focused on cancer metabolism and rare genetic disorders of metabolism, swung to a Q3 profit from a loss in the same period a year ago and topped expectations on revenues, bolstered by a collaboration agreement. The company reported Q3 EPS of $0.10, up from a loss of $0.52 in Q3 2013 and beating analyst estimates of a loss of $0.35 per share. Total revenues of $33.90 million were up from $6.26 million in Q3 2013 and topped analyst estimates of $8.45 million.The increase was due to the application of new accounting guidance to the company's collaboration agreement with Celgene (CELG). In July 2014, Agios Pharmaceuticals Inc (NASDAQ:AGIO) amended its collaboration agreement and recognized a total of $25.9 million under the previous accounting guidance and upon the modification. The company recognized $8.0 million in revenue after the modification date. The company has updated its 2014 cash guidance and expects to end the year with more than $220 million of cash, cash equivalents and marketable securities. Shares of AGIO are at $83.09 within a 52-week range of $15.77 - $88.82. Shares of CELG are at $107.14 within a 52-week range of $66.85 - $109.25.
Discover Hidden Gems
Don't miss the next big opportunity. Subscribe for timely alerts on potential market movers.
