Needham & Company Reiterates Buy on Progenics Pharma (PGNX); Anticipates Oral Relistor Approval

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."

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 $4.59 yesterday.

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