Needham & Company Reiterates a 'Buy' on Progenics Pharmaceuticals (PGNX);

Needham & Company reiterates a 'Buy' on Progenics Pharmaceuticals (NASDAQ: PGNX) price target of $10.00.

Needham analyst says, "Progenics and collaborator Salix announced in December 2011 that a Phase 3 trial of oral Relistor met primary and secondary endpoints in opioid-induced constipation. Tolerability was reportedly comparable to placebo, which exceeded our expectations. Injectable Relistor has been a commercial disappointment due to a challenged launch involving a succession of collaborators (Wyeth, Pfizer (NYSE: PFE)(N/R), and Salix (Nasdaq: SLXP)(N/R) and a problematic adverse event profile. Label expansion of the injection formulation may provide a modest boost in sales this year. We believe that an oral formulation with excellent tolerability has substantially greater commercial potential."

"We await full details on oral Relistor safety/tolerability profile later in 2012.
Pipeline strategy behind Relistor is an important unknown and a potential risk factor. In 2011, management announced plans to expand efforts in oncology, in part through acquisition of new candidates/platforms."

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 $8.60 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Coherent (COHR) PT Raised to $420 at Needham
• Deutsche Bank Downgrades SentinelOne Inc (S) to Hold on Valuation
• Enovix Corporation (ENVX) PT Lowered to $5 at BofA Securities