Aegis Affirms Progenics Pharma (PGNX) at 'Buy'; Solid Relistor Results Fuel Q3 Revenue Gains (VRX)
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Aegis Capital affirms Progenics Pharma (Nasdaq: PGNX) at Buy with a price target of $11 following Q3 results issued on Monday
3Q revenues were driven by the approval (which triggered a $50 million milestone by Valeant Pharmaceuticals) and US launch of oral Relistor for OIC in adults with chronic non-cancer pain in July and September, respectively. Progenics received $3.3 million in Relistor royalties from $22.1 million in Valeant sales of Relistor (oral and SUBQ). Progenics also announced a Relistor royalty-based loan that has brought PGNX cash to $98.9 million, which we expect will allow PGNX to fund Azedra to initial commercialization and develop its prostate assets through 2018. PGNX continues to expect Azedra top-line data in 1H17, and we view the trial as substantially de-risked and expect a late 2017 approval due to Breakthrough Designation status, which would make Azedra the first approved treatment for malignant or recurrent pheochromocytoma and paraganglioma in the US – we believe Azedra represents about a $150 million market opportunity.
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