Progenics Q3 Loss Narrower, Beats Street

(RTTNews) - Progenics Pharmaceuticals, Inc (PGNX), a developer of medicines for oncology, reported narrower loss for the third quarter, even though revenues declined. Lower loss was primarily due to lesser compensation expense from restructuring done last year. Net loss reported also beat analyst estimates.

Net loss of the company narrowed to $10.5 million, or $0.17 per share, from a loss of $11.3 million, or $0.33 per share, a year earlier. Four analysts polled by Thomson Reuters estimated the company's loss to be $0.22 for the quarter. Analysts' estimates typically exclude one-time items.

For the three months to September, the total expenses of the company went down to $11.4 million from $12.4 million a year earlier. Significantly contributing to this was general and administrative expenses that declined $0.9 million primarily on account of lower compensation expenses from a restructuring done in the third quarter of last year.

Total revenues dipped to $867,000 from $1.1 million a year ago. Friday, the stock closed at $3.88 on the Nasdaq.