Last Update: 12:44 PM ET Jul 10, 2000: NewsWatch
Indications
ADR Report
Monday, July 10, 2000
Progenics soars on upgrade
--12:44 pm - By Michael Baron
Progenics Pharmaceuticals (PGNX: news, msgs) is spiking 5 15/16, or 35.6 percent, higher to 22 5/8. Citing the "break-through" potential of the company's PRO 542 HIV treatment, CE Unterberg initiated coverage of the stock with a "strong buy" rating. Analyst Scott Stromatt notes that phase I/II trials with PRO 542, a fusion inhibitor that blocks the entry of the virus into cells, were "positive and promising." He put a 12-month price target on the shares of $24. "We believe the market has overreacted to the recent failure of the cancer vaccine, GMK, and is now discounting the potential of the company's HIV program," Stromatt writes. Progenics lost over half of its market capitalization in late May when the Eastern Cooperative Oncology Group withdrew participation in its clinical trials for a melanoma vaccine. In addition, Progenics partner, Hoffmann La-Roche reported positive results of a clinical trial with T-20, an anti-HIV fusion inhibitor it's developing with Trimeris (TRMS: news, msgs). |
