Needham & Company reiterated a Buy rating and $11.00 price target on Progenics Pharmaceuticals (NASDAQ: PGNX). Needham is anticipating approval of oral Relistor on its April 19th PDUFA date, which will trigger a $50 million milestone payment from Valeant and should lead to a significant increase in Relistor royalties.

Analyst Chad Messer commented, "We expect 2016 to be a transformative year for Progenics. We anticipate approval of oral Relistor by its April 19th PDUFA. We also expect a MIP-1404 Phase III interim analysis, as well as commercialization of imaging software EXINI BoneBSI this year. Pivotal Azedra data is now anticipated late 2016 to early 2017 (was 2H:16), with an NDA submission still in 1H:17. We reiterate our BUY rating, ahead of these significant catalysts."

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Shares of Progenics Pharmaceuticals closed at $4.59 yesterday.