Citi Upgrades Progenics Pharmaceuticals (PGNX) to Hold
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Citi upgrades Progenics Pharmaceuticals Inc (Nasdaq: PGNX) from Sell to Hold.
Citi analyst says, "Given that we were not expecting FDA approval, today's news is a pleasant surprise and marks an important victory for Progenics. The company received a broad label approval for Relistor in AMI, without restrictions on treatment duration. Our revised estimates now project meaningful profitability in 2011. However, we remain cautious about the outlook of MNTX in POI and have little visibility into the oral formulation for chronic pain. Data on both programs are expected in mid-'08 and could provide further upside."
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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