Needham & Company Defends Progenics (PGNX) on PDUFA Delay, Valeant Overhang

Needham & Company analyst Chad Messer has come out to defend Progenics Pharmaceuticals (NASDAQ: PGNX), which is down 6.5% after the FDA extended oral Relistor PDFUA by 3 months to July 19th. The FDA made the extension in order to review responses by Valeant to recent information requests from the agency.

"Although Oral Relistor's PDUFA date is delayed by 3-months, we still fully expect approval. While we find Valeant's recent troubles worrisome, we don't believe they effect day to day Medical Affairs or create any risk to oral Relistor approval. A hobbled Valeant may not be the ideal marketing partner, but, in our view, PGNX shares already reflect this. We reiterate our BUY rating, ahead of oral Relistor approval and various other upcoming catalysts which we believe should reverse some of the Valeant overhang."

The firm reiterated a Buy rating and price target of $11.00.

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 $4.41 yesterday.

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