Boston, MA 04/04/2013 (wallstreetpr) – 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.
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.
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’ market is still continuing until yesterday.
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’s CRL, the company is enjoying strong sales for RELISTOR, which seems to push its EPS on the positive territory.