Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX)
Progenics Pharmaceuticals, Inc. (PGNX), a clinical stage pharmaceutical company yesterday announced that the FDA has approved RELISTOR. RELISTOR is used for the treatment of Opioid Induced Constipation in adults with chronic non cancer pain.
Progenics Pharmaceuticals, Inc. CEO’s Comments
“We are delighted that this milestone for RELISTOR has been achieved, and that patients suffering from OIC will have this new treatment option,” said Mark Baker, Chief Executive Officer of Progenics. “We expect the market to be receptive to a more convenient oral tablet formulation of RELISTOR’s well-established subcutaneous preparation. We would like to thank, in particular, Dr. Tage Ramakrishna and Dr. Robert Israel of Valeant for their work over many years in the clinical development of RELISTOR.” PR Newswire
PGNX Technical Analysis
PGNX opened trading yesterday at $5.51 which was up from the previous days trading of $5.40. PGNX closed trading yesterday at $4.94 and spiked up after market to $6.75, equivalent to a 37% increase from the closing price. Taking a look at the daily chart we can see the last time PGNX traded above these levels was on December 1st, 2015, when it traded at $6.77. Taking a closer look at the daily chart we can see that PGNX has been on an overall upward trend dating back to June 27th when it traded of $4.06. PGNX has a float of 55.48 million shares and traded 2.70 times the normal daily trading volume on Tuesday. For trading purposes, I would like to see PGNX open trading on Wednesday above $6.15 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.15 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Progenics Pharmaceuticals, Inc. develops medicines for oncology in the United States and internationally. The companys primary clinical-stage product candidates include Azedra, a radiotherapeutic product candidate, which is in Phase IIb clinical trial under special protocol assessment for the treatment of pheochromocytoma and paraganglioma; 1404, a technetium-99m labeled small molecule that has completed Phase II testing, as well as acts as an imaging agent to diagnose and detect prostate cancer; and PyL, a fluorinated prostate specific membrane antigen (PSMA)-targeted PET imaging agent for prostate cancer. Its clinical-stage product candidates also comprise 1095, a PSMA-targeted Iodine-131 labeled small radiopharmaceutical molecule for the treatment of metastatic castration resistant prostate cancer; PSMA antibody-drug conjugate, which has completed Phase II testing in chemotherapy-experienced patients and is ongoing second cohort in chemotherapy-naïve patients for the treatment of prostate cancer; and EXINI Bone BSI, an analytical tool for analysis of bone scan index from bone scintigraphy images. The company also offers Relistor-subcutaneous injection for the treatment of opioid induced constipation (OIC) in advanced-illness patients receiving palliative care when laxative therapy has not been sufficient; and for treatment of OIC inpatients with non-cancer pain. In addition, it develops Relistor-oral that has completed Phase III testing for the treatment of OIC; and PRO 140, which is in Phase III testing for HIV treatment. The company has license agreement with Salix Pharmaceuticals, Inc. for the development and commercialization of Relistor worldwide; and with Amgen Fremont, Inc. to use its XenoMouse technology for generating human antibodies to PSMA, as well as has collaboration agreement with Seattle Genetics, Inc. Progenics Pharmaceuticals, Inc. was founded in 1986 and is based in Tarrytown, New York. Yahoo Finance
