NetworkNewsBreaks – Aegis Capital Raises Price Target on Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX)

Aegis Capital Corp. has raised its price target on Progenics Pharmaceuticals (NASDAQ: PGNX) to $14 from $11 with expectations of an accelerated adoption ramp for the company’s Azedra. On February 14, 2017, the company announced the commencement of enrollment in an investigator initiated phase 1 clinical trial with 131-I-MIP-1095 (1095) at MSK. Progenics recently conducted a phase 2b trial of Azedra, which has demonstrated tumor reduction despite the trials primary endpoint being reduction in anti-hypertensive medication. The company previously reported that 31.7% of patients reached the primary end point.

“There is currently no alternative treatment for pheo-para, thus we believe Azedra will receive a speedy FDA review …   Our new price target reflects our expectations of a faster adoption ramp for Azedra. We note that while only about 1,000 patients a year, these patients are well identified and in need of treatment, thus the ramp should be quicker than we previously modeled,” says the analyst note.

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About Progenics

Progenics Pharmaceuticals, Inc. develops innovative medicines and other technologies to help physicians and patients target and treat cancer. The company’s pipeline includes: 1) therapeutic agents designed to precisely target cancer (AZEDRA® and 1095), 2) PSMA-targeted imaging agents for prostate cancer (1404 and PyLTM) intended to enable clinicians and patients to accurately visualize and assist with the management of their disease, and 3) imaging analysis tools and solutions for medical decision support. Progenics’ first commercial product, RELISTOR®(methylnaltrexone bromide) for opioid-induced constipation, is partnered with Valeant Pharmaceuticals International, Inc.

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