Needham & Company analyst Chad Messer raised sales estimates and his price target on Buy-rated Progenics Pharmaceuticals (NASDAQ: PGNX) to $11.00 (from $9.00) citing Relistor tailwinds and expanded imaging pipeline.

Messer commented, "We are increasing our sales estimates for Relistor (and thus our PGNX price target) based on a strong launch for competitor Movantik. We also take a positive view of Progenics' recent acquisition of a 2nd prostate cancer imaging agent giving them the potential to offer diagnostics for patients across the spectrum of the disease."

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Shares of Progenics Pharmaceuticals closed at $8.64 yesterday.