UPDATE: Brean Capital Assumes Progenics Pharmaceuticals (PGNX) at Buy

(Updated - October 4, 2016 10:09 AM EDT)

Brean Capital assumed coverage on Progenics Pharmaceuticals (NASDAQ: PGNX) with a Buy rating and a price target of $11.

Analyst Jason Wittes said, "We expect continued value creation from: 1) Azedra, a substantially derisked asset for the ultraorphan indications for often under-diagnosed adrenal gland tumors, which will read out its pivotal trial in 1Q17; 2) Relistor for OIC, which is just now launching in oral form and should see significant uptake; 3) a substantial platform of diagnostic imaging agents and therapeutic products for improved detection, monitoring, and treatment of prostate cancer. The company also had a strong cash position ending 2Q16 with about $60.1 million (does not include July’s $50 million oral Relistor US approval milestone) and thus should be sufficiently funded to develop and further expand its oncology pipeline, especially in light of the upcoming Relistor sales milestones that we expect. A positive read-out from Azedra alone could potentially double the current valuation, in our view, but further, we believe the prostate theranostic platform to be undervalued. Our TP is $11, below our previous $14 target, owing to a now more conservative Azedra launch assumption."

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 $6.77 yesterday.

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