Brean Capital Reiterates Buy On Progenics Following 3Q14 Results; Keeps $11 PT


In a research report published today, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Progenics Pharmaceuticals (NASDAQ:PGNX) with a $11 price target, following the company’s third-quarter financial results and update on its pipeline.

Aschoff observed, “Following its FDA talks, Salix plans to file the oral Relistor NDA in 2Q15. The FDA requested no new clinical trials, but Salix will conduct the requested preclinical and PK studies to describe potential drug-drug interactions and special population dosing like renal impairment. Limited oral bioavailability of Relistor should get the FDA around any safety concerns, and we therefore expect oral Relistor approval in 1H16. Progenics will present results from its Phase 2 trial with PSMA ADC in chemo-naïve prostate cancer patients likely at ASCO GU and try to partner it for Phase 3 and beyond. Progenics will resume Azedra’s Phase 2 registration trial in 1Q15 with full enrollment of 17 more patients expected by YE15. Given the positive data seen in the first 41 patients, which alone would have met the SPA’s primary endpoint, we expect equally robust data from these 17 patients.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Aschoff has a total average return of 12.6% and a 60.2% success rate. Aschoff has a 1.2% average return when recommending PGNX, and is ranked #181 out of 3365 analysts.