BTIG Boosts PT on Progenics Pharma (PGNX) to $11 Amid NT Pipeline Visibility
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BTIG lifts its price target on Progenics Pharmaceuticals (Nasdaq: PGNX) from $9 to $11, noting potential near-term pipeline visibility.
The firm commented today,
Earlier this month, we visited the Co. at their new offices in NYC, and went over several of the pipeline product opportunities, including Azedra. In 1Q17, we expect top-line results from its Phase 2b trial with Azedra (radiotherapeutic for the treatment of pheochromocytoma – a rare form of cancer in the adrenal glands). We see Azedra as a somewhat de-risked asset for an orphan disease indication where there are currently no approved treatments. Progenics plans to submit an NDA for Azedra in 1H17, if results are positive. The FDA has assigned Fast Track Status to Azedra, which suggests an expedited review is possible.
BTIG rates Progenics at Buy.
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