Needham & Company Maintains a 'Hold' on Progenics Pharmaceuticals (PGNX); In Waiting Mode
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Price: $4.10 --0%
Rating Summary:
8 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Hold' on Progenics Pharmaceuticals (NASDAQ: PGNX).
Needham analyst says, "In September 2011, Progenics announced a new corporate strategy focused on oncology, ending development efforts in virology and infectious diseases. The company simultaneously cut its workforce by 26% (38 employees), reducing annual expenses by at least $7.5M. While strategy refinement is a positive, Progenics has a limited track record in oncology. We await an interim update from the ongoing Phase 1 PSMA ADC trial in prostate cancer, probably in 4Q11, and note that the multiplex kinase platform is still in its early stages with no clinical candidates yet identified."
"Progenics ended 2Q11 with $82.4MM in cash, down from $92.3MM in 1Q11. The company reported $1.64 diluted EPS, reflecting recognition of the $60MM Salix (Nasdaq: SLXP) upfront payment earlier this year. We remain cautious on the stock as a result and maintain our rating."
For more ratings news on Progenics Pharmaceuticals click here and for the rating history of Progenics Pharmaceuticals click here.
Shares of Progenics Pharmaceuticals closed at $5.65 yesterday.
Needham analyst says, "In September 2011, Progenics announced a new corporate strategy focused on oncology, ending development efforts in virology and infectious diseases. The company simultaneously cut its workforce by 26% (38 employees), reducing annual expenses by at least $7.5M. While strategy refinement is a positive, Progenics has a limited track record in oncology. We await an interim update from the ongoing Phase 1 PSMA ADC trial in prostate cancer, probably in 4Q11, and note that the multiplex kinase platform is still in its early stages with no clinical candidates yet identified."
"Progenics ended 2Q11 with $82.4MM in cash, down from $92.3MM in 1Q11. The company reported $1.64 diluted EPS, reflecting recognition of the $60MM Salix (Nasdaq: SLXP) upfront payment earlier this year. We remain cautious on the stock as a result and maintain our rating."
For more ratings news on Progenics Pharmaceuticals click here and for the rating history of Progenics Pharmaceuticals click here.
Shares of Progenics Pharmaceuticals closed at $5.65 yesterday.
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