Company

Bank

Analyst

Coverage

Opinion

Wk chg

12/30 cls

Progenics Pharmaceuticals Inc. (NASDAQ:PGNX)

Needham

Alan Carr

Upgrade

Buy (from hold)

-3%

$8.54

Carr also set a $10 target after Progenics and partner Salix Pharmaceuticals Ltd. (NASDAQ:SLXP) said once-daily 300 and 450 mg oral methylnaltrexone met the primary endpoint in a Phase III trial to treat opioid-induced constipation (OIC) (see B35). Salix plans to submit an NDA to FDA for the oral peripheral mu opioid receptor (MOR) antagonist to treat OIC in patients with chronic, non-cancer pain in mid-2012. Salix already markets a subcutaneous methylnaltrexone as Relistor to treat OIC in patients receiving palliative care when response to laxatives has not been sufficient. Progenics stock was up 34% the week ended Dec. 23, 2011, when Carr issued his report.