Brean Capital Maintains Buy On Progenics Following Phase 2 Data Of PSMA Imaging Agent
In a research report sent to investors today, Brean Capital analyst Jonathan Aschoff maintained a Buy rating on Progenics (NASDAQ:PGNX) with an $11 price target, as complete phase 2 data with Progenics’ PSMA imaging agent, 1404, were presented at the EANM Congress.
Aschoff observed, “While interim data in 54 patients presented at ASCO GU in January 2014 showed 1404’s sensitivity in primary prostate cancer, complete data in all 105 patients demonstrated 1404’s superior sensitivity to MRI in both primary and metastatic prostate cancer, as well as 1404’s ability to identify the grade and extent of primary prostate cancer. Sensitivity in detecting primary prostate cancer was 94% (98/104) with 1404, consistent with the interim sensitivity of 94% (51/54). In the 98 patients with evaluable MR, 1404 showed better glandlevel sensitivity than MRI (94% versus 86%). In addition, 1404 well indicated the grade and extent of primary prostate cancer as shown by the uptake data. The uptake of 1404 in the prostate gland correlated well with the Gleason score (p<0.0001), and was lower in patients receiving treatment (p<0.0001) since these patients had decreasing PSA from their treatment. Also, 1404 better detected prostate cancer that is metastatic to lymph nodes, and it identified 14 (19%) more patients with suspicious lymph node sites than MRI.”
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 10.7% and a 56.5% success rate. Aschoff has a -11.1% average return when recommending PGNX, and is ranked #213 out of 3354 analysts.