Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

Progenics Pharmaceuticals, Inc. (PGNX - Snapshot Report) reported second-quarter 2013 loss of 24 cents per share, marginally narrower than the Zacks Consensus Estimate of a loss of 25 cents and significantly lower than the year-ago loss of 32 cents.

Quarter in Details

Quarterly revenues remained flat at $1.8 million year over year. However, revenues were marginally lower than the Zacks Consensus Estimate of $2 million.

Research and development (R&D) expenses increased 26.5% to $10 million. Increased clinical trial costs and expenses incurred due to lease termination resulted in higher R&D expenses. However increased R&D expenses were partially offset by reduced compensation expense.

G&A expenses decreased 15.1% to $3.4 million.

Relistor global sales came in at $7.9 million, down 27% year over year as reported by Salix Pharmaceuticals Ltd. (SLXP - Analyst Report) to Progenics. Relistor is the only marketed product of Progenics.

Relistor is a subcutaneous injection that is currently approved for the treatment of opioid-induced constipation (OIC) in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient. 

Progenics has a license agreement with Salix for the development and commercialization of Relistor worldwide except in Japan, where Progenics has licensed the rights to the subcutaneous formulation to Ono Pharmaceuticals Co. Ltd.

Meanwhile, in Jun 2013, Progenics and Salix announced that the FDA’s advisory panel will review Salix’ supplemental new drug application (sNDA) for Relistor for opioid-induced constipation (OIC) in patients with chronic pain. The FDA will act within 30 days of receiving an opinion from the panel. Details regarding the meeting should be available by next month. Salix had received a complete response letter (CRL) from the FDA in Jul 2012 for the Relistor sNDA. In the CRL, the FDA had asked for additional data.

Currently Progenics carries a Zacks Rank #2 (Buy). Companies which look well positioned include Actelion Ltd. (ALIOF) and Gilead Sciences Inc. (GILD - Analyst Report) with a Zacks Rank #1 (Strong Buy).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
GENERAL FINA GFN 8.20 +5.67%
QIHOO 360 TE QIHU 91.57 +4.38%
VIPSHOP HOLD VIPS 140.01 +3.49%
INVEST TECH- ITG 19.16 +3.34%
VERTEX ENERG VTNR 7.38 +3.07%