Needham & Company Reiterates a 'Buy' on Progenics Pharmaceuticals (PGNX);

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Rating Summary:
2 Buy, 0 Hold, 0 Sell

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Today's Overall Ratings:
Up: 20 | Down: 11 | New: 38

Needham & Company reiterates a 'Buy' on Progenics Pharmaceuticals (NASDAQ: PGNX) price target of $10.00.

Needham analyst says, "Progenics and collaborator Salix announced in December 2011 that a Phase 3 trial of oral Relistor met primary and secondary endpoints in opioid-induced constipation. Tolerability was reportedly comparable to placebo, which exceeded our expectations. Injectable Relistor has been a commercial disappointment due to a challenged launch involving a succession of collaborators (Wyeth, Pfizer (NYSE: PFE)(N/R), and Salix (Nasdaq: SLXP)(N/R) and a problematic adverse event profile. Label expansion of the injection formulation may provide a modest boost in sales this year. We believe that an oral formulation with excellent tolerability has substantially greater commercial potential."

"We await full details on oral Relistor safety/tolerability profile later in 2012.
Pipeline strategy behind Relistor is an important unknown and a potential risk factor. In 2011, management announced plans to expand efforts in oncology, in part through acquisition of new candidates/platforms."

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 $8.60 yesterday, with a 52 week range of $4.50-$9.19.

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