Stock Update (NASDAQ:PGNX): Progenics Pharmaceuticals, Inc. and Valeant Pharmaceuticals Intl Inc Announce the Submission of U.S. New Drug Application for Oral RELISTOR®
Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced that Valeant submitted a New Drug Application to the U.S. Food and Drug Administration(FDA) for RELISTOR® (methylnaltrexone bromide) Tablets for the treatment of opioid-induced constipation (OIC) in adult patients with chronic non-cancer pain.
RELISTOR is a peripherally acting mu-opioid receptor antagonist specifically designed to block the constipating effects of opioid pain medications in the gastrointestinal tract. RELISTOR does not cross the blood-brain barrier, therefore relieving the distressing effects of the constipation without affecting the analgesic effect of the opioid. RELISTOR Subcutaneous Injection has been FDA approved since 2008 to treat OIC in patients with advanced illness who are receiving palliative care, and was approved in 2014 for the treatment of OIC in patients with chronic non-cancer pain. (Original Source)
Shares of Progenics closed yesterday at $7.82. PGNX has a 1-year high of $9.27 and a 1-year low of $4.02. The stock’s 50-day moving average is $5.92 and its 200-day moving average is $6.26.
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 53.5% 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 20.9% and 14.3% respectively. Singh has a success rate of 76.9% and is ranked #873 out of 3640 analysts, while Aschoff has a success rate of 58.5% and is ranked #126.
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.