Boston, MA 04\/04\/2013 (wallstreetpr) \u2013 Progenics Pharmaceuticals (NASDAQ:PGNX) specializes in research and development of biotechnology products in the area of therapeutics and oncology, globally. The company has innovated RELISTOR, a subcutaneous injection that treats opioid induced constipation in individuals suffering from advanced illness such as cancer. It is also useful in the treatment of OIC in individuals with non-cancer pain. RELISTOR-Oral is another innovation by Progenics, which is in its Phase III testing for treating OIC in individuals with non-cancer pain. Progenics Pharmaceuticals also provides wide ranging oncology medicines, having a license agreement with Salix Pharmaceuticals for development and commercialization of RELISTOR globally except Japan.<\/p>\n
PGNX recovers in today’s trading after it was trading down by 8.70% in yesterday’s trade to close at $4.93. The stocks of the company is trading below 52 weeks high of $11.34. At the same time, it also disappointed the investors, closing at $4.07 below the target price of $9.00. The pharmaceutical company reported a sale of 14.05M, with an income earning of -35.43M.<\/p>\n
Progenics Pharmaceuticals is witnessing weak trading for quite some time now, followed by the company and its partner, Salix Pharmaceuticals, receiving a Complete Response Letter from FDA pertaining to its Supplemental New Drug Application for RELISTOR. The drug is considered to have a huge potential in the industry with good sales records. However, the CRL from FDA was a surprise to the investors, followed by which the PGNX shares dropped from more than $10.80\/share on July 27 to $5.39\/share on July 30, and the deteriorating interest of the investors\u2019 market is still continuing until yesterday.<\/p>\n
The company published its Q4 2013 and year end 2012 financial results, where Progenics rallied almost 30% on the good sales figures of RELISTOR, making a surprising growth towards a positive EPS segment. This was attributed to a dramatic rise in sales revenues, which took the total revenues of Q4 2013 to $8.9 million. Despite of FDA\u2019s CRL, the company is enjoying strong sales for RELISTOR, which seems to push its EPS on the positive territory.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 04\/04\/2013 (wallstreetpr) \u2013 Progenics Pharmaceuticals (NASDAQ:PGNX) specializes in research and development of biotechnology products in the area of therapeutics and oncology, globally. The […]<\/p>\n","protected":false},"author":13,"featured_media":5904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[264],"tags":[1937,1936],"stock_ticker":[],"class_list":["post-5875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health","tag-nasdaqpgnx","tag-progenics-pharmaceuticals-nasdaqpgnx","entry"],"acf":[],"yoast_head":"\n