>>CHICAGO, Aug 10 (Reuters) - Shares of Progenics Pharmaceuticals Inc. (NasdaqNM:PGNX - News) slumped more than 20 percent on Tuesday, a day after it posted a wider quarterly loss and set a timeline for a key new drug that was later than analyst expectations.
The Tarrytown, New York-based biotechnology company on Monday reported a second-quarter net loss of $10.9 million, or 64 cents per share. That compared with a loss of $7.8 million, or 61 cents, a year earlier.
The company also said it expects to complete patient enrollment by the fourth quarter for a late-stage trial of Methylnaltrexone (MTNX), a drug designed to treat bowel dysfunction in terminally ill patients.
The company expects to complete a second late-stage trial involving the drug in mid-2005.
Lazard analyst Joel Sendek in a research note said the quarterly loss was wider than expected and the timeframe for MTNX was behind schedule.
"Given the company's ongoing history of missing milestones and given recent delays, we continue to be more conservative than management in our estimates of launch times for drugs from Progenics' pipeline," he said in a research note.
Shares of Progenics were off $2.21, or 19.6 percent, to $9.05 after hitting $8.65, its lowest level since May 2003.<<
Cheers, Tuck |
