Needham & Company Positive on Relistor Expanding Approveal for Progenics Pharmaceuticals (PGNX)

Needham & Company analyst Chad Messer reiterated a Buy rating and $8 price target on Progenics Pharmaceuticals (NASDAQ: PGNX) after ubcutaneous Relistor received expanded approval in opioid induced constipation (OIC) from the FDA, triggering a $40 million payment to Progenic.

"We next look for partner Salix to meet with the FDA and determine a path towards NDA filing for oral Relistor," Messer commented. "We also look for Phase II chemotherapy naive data from PSMA-ADC likely this fall. Progenics has a growing stream of commercial revenue and a broad cancer pipeline that we continue to believe is deeply undervalued by investors."

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 $5.25 yesterday.

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