Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX)
Progenics Pharmaceuticals, Inc. (PGNX), a global oncology company yesterday announced that an independent company has recommended continuation of its phase 3 trial of PSMA-targeted SPECT/CT imaging.
Progenics Pharmaceuticals, Inc. CEO’s Comments
“The growing acceptance of active surveillance among men with lower-grade prostate cancer presents a significant opportunity for 1404 to enable clinicians and patients to accurately and non-invasively visualize and manage their disease,” said Mark Baker, Chief Executive Officer of Progenics.
“We are pleased that the DMC has determined that the trial should continue. The decision to undergo more invasive treatments, such as radical prostatectomy, is a difficult one for both patients and their families given the severity of potential side effects, and we look forward to the completion of this study as we work to introduce new and effective surveillance options.” Mr. Baker continued, “Our modification to the protocol reflects emerging trends among men with low grade disease to increasingly favor the use of active surveillance versus more aggressive measures, consistent with treatment guidelines. We believe that this shift underscores the potential for agents such as 1404 to address the growing active surveillance market. In addition, we expect that the protocol modification will allow for a better balance in the enrollment of subjects with clinically significant disease versus those with indolent disease, with the goal of evaluating the specificity of 1404 imaging to identify patients without clinically significant prostate cancer and the sensitivity of 1404 imaging to identify patients with clinically significant disease.” Globe Newswire
PGNX Technical Analysis
PGNX opened trading yesterday at $8.93 which was up from the previous day’s trading close of $8.88. PGNX closed trading yesterday at $8.86 and spiked up after market to $9.55, equivalent to a 8% increase from the closing price. Taking a look at the daily chart we can see that the last time PGNX traded above these levels we have to go back to July 29th, 2015 when it traded at $9.61.
Taking a closer look at the daily chart we can see that before the spike up PGNX had already been in an overall upward trend dating back to November 3rd when it traded at $4.92. PGNX has a float of 56.28 million shares and traded below the normal daily trading volume on Thursday. For trading purposes, I would like to see PGNX open trading on Friday above $9.30 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap up. Check out Ross over at Warrior Trading where he is applying his Day Trading Strategies to these types of stocks.
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