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PGNX

Progenics

$4.65

-0.3 (-6.06%)

08:11
08/12/19
08/12
08:11
08/12/19
08:11

Velan Capital: Continued lack of transparency at Progenics extremely concerning

Velan Capital, one of the largest stockholders of Progenics Pharmaceuticals, announced its disappointment with the company's Q2 results and lack of metrics to track future performance, and highlights key issues that illustrate the company's continual mismanagement under the troubling status quo. Velan stated, in part, "While the company mismanages its key assets, it compounds its mistakes by focusing on distracting projects such as AI that do not add significant value and only serve to reduce the time spent on commercializing AZEDRA and advancing its product pipeline. Stockholders deserve more information and clarity. To Velan, the continued lack of transparency at Progenics is extremely concerning, particularly given CEO Mark Baker's history of wrongfully stifling a whistleblower who thought Progenics was misleading stockholders. We believe there might even be more recent examples of such behavior. Under current guidance and without departure from the status quo, the company's potential will continue to be squandered at the expense of stockholders. The Board claims to seek new director candidates with applicable supply chain and commercialization expertise - skills that appear absent from the current Board and management team. We have identified potential candidates that have such expertise (who we understand have not been contacted by the company or by its costly executive search firm), yet the company has not welcomed our repeated outreach attempts to reach a constructive resolution. As previously communicated to the public and to the Board, Velan's preference has always been and continues to remain reaching an appropriate settlement to put the company on a better path and to instill much needed accountability in the boardroom. Stockholders have spoken through their votes at last month's annual meeting and we believe the mandate is clear. Without an appropriate settlement that reflects the degree of change desperately needed at PGNX, we will likely be forced to take action yet again on behalf of all stockholders, including by seeking to remove and replace members of the Board."

PGNX Progenics
$4.65

-0.3 (-6.06%)

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.
07/29/19
BRKL
07/29/19
INITIATION
Target $10
BRKL
Buy
Progenics initiated with a Buy at Brookline
Brookline Capital Markets analyst Kumaraguru Raja initiated Progenics with a Buy and $10 price target.

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AKTS

Akoustis

$7.90

0.1 (1.28%)

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ACHV

Achieve Life Sciences

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CBWTF

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IOTS

Adesto Technologies

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ONCE

Spark Therapeutics

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KLAC

KLA-Tencor

$152.55

1.38 (0.91%)

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VTVT

vTv Therapeutics

$1.73

-0.045 (-2.54%)

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  • 08

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GSK

GlaxoSmithKline

$41.10

0.49 (1.21%)

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OPGN

OpGen

$7.02

-0.07 (-0.99%)

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BLK

BlackRock

$438.98

3.12 (0.72%)

, TROW

T. Rowe Price

$117.98

1.1 (0.94%)

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BlackRock

$438.98

3.12 (0.72%)

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AXDX

Accelerate Diagnostics

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ADBE

Adobe

$284.59

1.54 (0.54%)

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WWE

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BIIB

Biogen

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2.54 (1.08%)

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IAC

IAC

$236.73

7.5 (3.27%)

, MTCH

Match Group

$79.70

3 (3.91%)

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MTCH

Match Group

$79.70

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ANGI

Angi Homeservices

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  • 10

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EFX

Equifax

$141.79

1.78 (1.27%)

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BHVN

Biohaven Pharmaceutical

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BIIB

Biogen

$238.65

2.54 (1.08%)

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  • 22

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FDX

FedEx

$173.53

-0.14 (-0.08%)

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UPS

$122.40

-0.245 (-0.20%)

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MAS

Masco

$41.28

-1.44 (-3.37%)

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