Needham & Company Downgrades Progenics Pharmaceuticals (PGNX) to Hold; Concerns on Lack of Clarity with Relistor

Needham & Company downgraded Progenics Pharmaceuticals (NASDAQ: PGNX) from Buy to Hold.

Analyst, Alan Carr, said, "Progenics and collaborator Salix (Nasdaq: SLXP)(NR) announced late Friday that the FDA issued a Complete Response letter for the SQ Relistor sNDA. Approval would have expanded the current opioid-induced constipation (OIC) label beyond patients with advanced medical illness. We had expected approval with a modest improvement to sales."

"The delay in regulatory approval narrows the gap with other OIC drugs under development at Cubist (Nasdaq: CBST)(HOLD), Nektar/AZ (Nasdaq: NKTR)(NR); (NYSE: AZN)(NR), and Theravance (Nasdaq: THRX)(NR)."

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 $10.80 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
• Needham Reiterates Buy Rating on Cerebras Systems (CBRS)
• Needham Reiterates Buy Rating on WhiteFiber Inc (WYFI)