Market Overview

Needham Is Bullish On Progenics Pharmaceuticals

Related PGNX
12 Biggest Mid-Day Gainers For Monday
12 Biggest Mid-Day Losers For Friday
Biotech Options Traders Are Playing With Fire (Seeking Alpha)

Tarrytown, New Jersey-based Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) is engaged in the development of medicines for oncology. Earlier this week, the company achieved a major milestone as it submitted a New Drug Application (NDA) for oral Relistor.

Relistor is a treatment for opioid-induced constipation (OIC) in adult patients with chronic non-cancer pain. The drug has been exclusively licensed to Valeant Pharmaceuticals for development and commercialization.

In a research note on Wednesday, analysts at Needham said that they see the NDA submission as a potential avenue to build market share in OIC. Needham analysts also see more value drivers for Progenics in 2016, which include enrolment for Azedra in pheochromocytoma trial to be completed by the end of this year and data possibly by the middle of 2016.

Needham analysts also expect a Phase III study for prostate cancer imaging agent 1404 to commence in 2015.

According to Needham, Azedra will be a near-term commercialization opportunity and 1404, a longer-term blockbuster opportunity for Progenics.

Needham has a Buy rating on Progenics Pharmaceuticals, with a price target of $9. The stock is currently trading at around $7.

On Wednesday, Progenics also made a presentation at Cantor Fitzgerald’s Inaugural Healthcare Conference. The presentation was made by Progenics CEO Mark Baker.

Latest Ratings for PGNX

Jul 2017Cantor FitzgeraldInitiates Coverage OnOverweight
Feb 2017NeedhamUpgradesBuyStrong Buy
Oct 2016Aegis CapitalInitiates Coverage OnBuy

View More Analyst Ratings for PGNX
View the Latest Analyst Ratings

Posted-In: Mark Baker progenicsAnalyst Color Biotech Long Ideas Analyst Ratings Trading Ideas General


Related Articles (PGNX)

View Comments and Join the Discussion!