BTIG Starts Progenics Pharmaceuticals (PGNX) at Buy

BTIG initiated coverage on Progenics Pharmaceuticals (NASDAQ: PGNX) with a Buy rating and a price target of $12.00.

Analyst Hartaj Singh said, "We appreciate the execution focused nature of Progenics management. While Relistor royalties create a floor valuation for Progenics, we believe that three late-stage assets in development provide compelling upside, with PSMA ADC and 1404 imaging agent having more potential than we model."

Singh added, "We model Relistor conservatively, assuming sales of $173m by 2019 (versus $154m consensus), but with a much slower ramp than consensus Relistor expectations."

For an analyst ratings summary and ratings history on Progenics Pharmaceuticals click here. For more ratings news on Progenics Pharmaceuticals click here.

Shares of Progenics Pharmaceuticals closed at $5.50 yesterday.

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