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PGNX

Progenics

$5.21

-0.28 (-5.10%)

16:50
05/07/19
05/07
16:50
05/07/19
16:50

Progenics responds to Velan Capital's preliminary proxy statement

Progenics issued the following statement regarding Velan Capital's preliminary proxy statement: "The Progenics Board of Directors is deeply committed to enhancing value for all shareholders and overseeing the Company's strategy. Progenics' diverse and experienced Board comprises seven highly qualified and experienced directors, six of whom are independent. These directors bring expansive drug development, commercialization, operational and financial experience from across the pharmaceutical industry. The Board recognizes the importance of having the right mix of skills, expertise and experience to effectively oversee the Company and regularly reviews the Board's composition and its refreshment to ensure alignment with the interests of shareholders. As noted in the Company's press release yesterday, Progenics has repeatedly sought to engage constructively with Velan - including interviews by the Board's nominating committee of each of the Velan nominees. The Company is disappointed that Velan has rebuffed the Company's good-faith outreach and instead filed a preliminary proxy statement without replying to the Company's second proposal to reach a mutually agreeable resolution and avoid the unnecessary cost and disruption of a public campaign. The Board and management team are open-minded with regard to opportunities to enhance shareholder value and will continue to take actions they believe are in the best interests of the Company and its shareholders. The Company intends to provide meaningful updates regarding its commercial and clinical initiatives on its first quarter 2019 earnings call scheduled for Thursday, May 9, 2019. Progenics' shareholders are not required to take any action at this time. The Board will present its formal recommendation regarding director nominations in the Company's proxy materials that will be filed with the Securities and Exchange Commission and mailed-including a WHITE proxy card-to shareholders eligible to vote at the 2019 Annual Meeting, which has not yet been scheduled."

  • 09

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PGNX Progenics
$5.21

-0.28 (-5.10%)

07/31/18
NEED
07/31/18
NO CHANGE
Target $16
NEED
Strong Buy
Progenics price target raised to $16 from $14 at Needham
Needham analyst Chad Messer raised his price target on Progenics to $16 after the FDA approved Azedra for intravenous use for certain types of locally advanced or metastatic pheochromocytoma or paraganglioma who require systemic anticancer therapy. Messer keeps a Strong Buy rating on Progenics shares.
09/13/18
NEED
09/13/18
DOWNGRADE
NEED
Buy
Progenics downgraded to Buy from Strong Buy at Needham
09/13/18
09/13/18
DOWNGRADE
Target $12

Buy
Progenics downgraded to Buy on Phase III trial disappointment at Needham
As previously reported, Needham analyst Chad Messer downgraded Progenics to Buy from Strong Buy after its Phase III study of PSMA imaging agent 1404 in prostate cancer missed its co-primary sensitivity endpoint. Although the study did meet the specificity endpoint, the analyst believes these results fall short of expectations set based on strong Phase II results. Additionally, Messer notes that the limitations of 1404 are likely due to the SPECT/CT platform and sees no read through to PyL, Progenic's other PSMA based imaging agent that works on the more sensitive PET imaging platform. The analyst also lowered his price target on the shares to $12 from $16.
12/07/18
FBCO
12/07/18
INITIATION
Target $6.5
FBCO
Outperform
Progenics initiated with an Outperform at Credit Suisse
Credit Suisse analyst Martin Auster initiated Progenics with an Outperform rating and $6.50 price target. In a research note to investors, Auster says he believes Progenics' royalties and future milestones from Relistor and revenue from Azedra support a core business with an NPV of about $5 per share, and says that as the commercial uptake of Azedra begins to unfold, investor focus is expected to turn to upside opportunities in prostate cancer PSMA-targeting diagnostic and therapeutic approaches. He adds that Novartis' (NVS) recent $2.1B acquisition of Endocyte (ECYT) supports pharma interest and attractive valuations in the space.

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