Citi Maintains 'Hold' Rating on Progenics Pharmaceuticals (PGNX), Increases Price Target
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Citi maintains a 'Hold' rating on Progenics Pharmaceuticals Inc (Nasdaq: PGNX), but increases price target from $13 to $17.
Citi analyst says, "PGNX announced Relistor pricing of $40 per vial, or $280 for the 7 vial pack. Assuming a 20% manufacturer discount to the wholesale price results in a price of $32 per vial. This is considerably above our previous estimate of $25 per vial...While upside to our current Relistor sales estimates is possible, depending on off-label use, we would rather take a conservative approach at this point."
Progenics Pharmaceuticals, Inc. (Progenics) is a biopharmaceutical company focusing on the development and commercialization of therapeutic products to treat the unmet medical needs of patients with debilitating conditions and life-threatening diseases.[SM]
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