Valeant Pharmaceuticals International, Inc. and Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) announced that the European Commission has approved RELISTOR® (methylnaltrexone bromide) Subcutaneous Injection for the treatment of opioid-induced constipation (OIC) when response to laxative therapy has not been sufficient in adult patients, aged 18 years and older. The decision effective May 27, 2015 is applicable to all 28 European Union member states plus Iceland andNorway and includes an additional one year of marketing protection. The European Commission decision follows a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) which cited that RELISTOR offers a major contribution to patient care in comparison to existing therapies.
RELISTOR was first approved in Europe in 2008 for the treatment of OIC in advanced illness patients, and is currently approved in more than 50 countries including the United States.
Mark Baker, Chief Executive Officer of Progenics, stated, “This approval represents a milestone for the RELISTOR franchise, significantly expanding the number of patients inEurope who can benefit from this drug. OIC can be a tremendous burden, affecting a patient’s ability to function adequately, but RELISTOR provides patients with the ability to effectively treat their symptoms. Importantly the European approval also recognized the benign safety profile of RELISTOR.” (Original Source)
Shares of Progenics closed yesterday at $5.55 . PGNX has a 1-year high of $7.84 and a 1-year low of $3.31. The stock’s 50-day moving average is $5.69 and its 200-day moving average is $6.28.
On the ratings front, Progenics has been the subject of a number of recent research reports. In a report issued on May 26, BTIG analyst Hartaj Singh initiated coverage with a Buy rating on PGNX and a price target of $12, which represents a potential upside of 116.2% from where the stock is currently trading. Separately, on May 6, Brean Murray Carret’s Jonathan Aschoff reiterated a Buy rating on the stock and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Hartaj Singh and Jonathan Aschoff have a total average return of 9.2% and 8.6% respectively. Singh has a success rate of 66.7% and is ranked #1461 out of 3610 analysts, while Aschoff has a success rate of 54.5% and is ranked #358.
Progenics Pharmaceuticals Inc is engaged in the development of medicines for oncology. The Company develops products for the treatment of prostate cancer, opioid-induced constipation, or OIC, as well as OIC for non-cancer pain.