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Needham & Company Upgrades Progenics Pharmaceuticals (PGNX) to Buy on Positive PSMA Data at ASCO-GU

February 3, 2014 6:01 AM EST Send to a Friend
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Price: $5.51 --0%

Rating Summary:
    2 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company upgraded Progenics Pharmaceuticals (NASDAQ: PGNX) from Hold to Buy with a price target of $8 following positive data at ASCO-GU.

"Progenics presented positive data from two Phase II studies at ASCO-GU, including one from a PSMA-ADC therapeutics agent and a PSMA imaging agent," analyst Chad Messer, Ph.D. comments. "We believe that these data validate the company's strategy of refocusing resources on cancer and making a big investment in the novel prostate cancer target PSMA. In particular, we believe the imaging agent could progress rapidly into Phase III testing and become a near-term value driver for PGNX shares."

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 $4.78 yesterday.




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