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PGNX

Progenics

$5.63

0.31 (5.83%)

08:10
11/04/19
11/04
08:10
11/04/19
08:10

Glass Lewis recommends stockholders vote for Velan Capital board nominees

Velan Capital, one of the largest stockholders of Progenics, announced that proxy advisory firm Glass Lewis has recommended that stockholders vote on the Green consent card in support of Velan's director nominees, Gerard Ber, Eric Ende, Heinz Mausli and David Mims, to constitute a majority of the Progenics board. Glass Lewis also recommended the removal of CEO Mark Baker and David Scheinberg from the board. Institutional Shareholder Services, or ISS, also recently recommended stockholders support Velan's case for change by voting on the Green consent card in support of its director nominees. Additionally, the third proxy advisory firm, Egan-Jones, has recommended that stockholders vote for all Velan nominees on the Green consent card. Bala Venkataraman, managing partner of Velan Capital, issued the following statement: "We are pleased Glass Lewis agrees with us that a majority of the Progenics Board must be refreshed. In our view, a clear mandate for change now exists - with all three proxy advisory firms, including Glass Lewis, ISS and Egan Jones, supporting our case for change at the Company..."

PGNX Progenics
$5.63

0.31 (5.83%)

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.
10/02/19
FBCO
10/02/19
NO CHANGE
FBCO
Lantheus deal for Progenics has 'some strategic merit,' says Credit Suisse
Credit Suisse analyst Martin Auster said Lantheus' (LNTH) deal to acquire Progenics (PGNX) would value the latter at about $6 per share based on Lantheus closing price yesterday, though Lantheus is down about 20% following the deal announcement. He sees some strategic merit in the deal, given Lantheus' manufacturing and commercial expertise with radiopharmaceuticals and imaging agents, though he said there is still uncertainty on the launch path for Azedra and the PyL readout. The premium is "generally on the lighter side of biotech transactions," but Auster thinks the combined entity will have adequate resources to continue investing and calls expected synergies a source of potential upside.

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