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Progenics Pharma's Stock Down on Dismal Phase III Study Data
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Shares of Progenics Pharmaceuticals, Inc. have declined 12.1% since the close of trading on Sep 12, following the announcement of unsatisfactory data from a phase III study evaluating its imaging agent, 1404, for detecting prostate cancer. The candidate is a prostate specific membrane antigen ("PSMA")-targeted small molecule SPECT/CT imaging agent.
The candidate met one primary endpoint of specificity in identifying patients without clinically significant prostate cancer. However, it fell short of the required range for the second primary endpoint of sensitivity in identifying patients with clinically significant prostate cancer.
Shares of the company have rallied 7.9% so far this year compared with the industry’s increase of 5.1%.
Progenics stated that the phase III results were inconsistent with the data observed in previously completed phase II study. Phase II study data had shown significantly higher sensitivity rates than 47-51% achieved in the phase III study. The company will decide the path forward following a detailed analysis of the phase III study data, expected to be completed in the fourth quarter of 2018.
The company has another imaging agent for prostate cancer in its pipeline, which is being evaluated in a phase II/III study. Top-line data from this study is expected in the fourth quarter of 2018.
Per the press release, prostate cancer is the second most common type of cancer affecting men in the United States. The American Cancer Society estimates that prostate cancer will be diagnosed in nearly 161,360 new patients and cause death of about 26,730 patients every year.
However, the shares have gained 9.2% in the last two trading sessions, presumably due to the addition of Progenics’ recently approved radiotherapeutic, Azdera, to the National Comprehensive Cancer Network (“NCCN”) Clinical Practice Guidelines in Oncology for Neuroendocrine and Adrenal Tumors. Azdera was approved in July for treating pheochromocytoma and paraganglioma, types of cancer. Addition of the drug to the NCCN guideline is expected to boost sales.
Prior to the approval of Azdera, the company had one approved drug in its portfolio, Relistor, which is marketed by its partner Bausch Health Companies, Inc. (BHC - Free Report) . Progenics earns royalty on Relistor sales. The impact of Azdera on the company’s top-line performance remains to be seen.
By the end of this year, Progenics expects to initiate an early-stage study to evaluate a PSMA-Targeted Thorium Conjugate that it is developing in collaboration with Bayer (BAYRY - Free Report) metastatic castration-resistant prostate cancer.
Ligand’s earnings per share estimates increased from $5.64 to $6.33 for 2018 and from $5.59 to $5.74 for 2019 in the last 30 days. The company delivered a positive earnings surprise in all the trailing four quarters, with an average beat of 59.54%. The company’s shares have rallied 92.9% year to date.
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Progenics Pharma's Stock Down on Dismal Phase III Study Data
Shares of Progenics Pharmaceuticals, Inc. have declined 12.1% since the close of trading on Sep 12, following the announcement of unsatisfactory data from a phase III study evaluating its imaging agent, 1404, for detecting prostate cancer. The candidate is a prostate specific membrane antigen ("PSMA")-targeted small molecule SPECT/CT imaging agent.
The candidate met one primary endpoint of specificity in identifying patients without clinically significant prostate cancer. However, it fell short of the required range for the second primary endpoint of sensitivity in identifying patients with clinically significant prostate cancer.
Shares of the company have rallied 7.9% so far this year compared with the industry’s increase of 5.1%.
Progenics stated that the phase III results were inconsistent with the data observed in previously completed phase II study. Phase II study data had shown significantly higher sensitivity rates than 47-51% achieved in the phase III study. The company will decide the path forward following a detailed analysis of the phase III study data, expected to be completed in the fourth quarter of 2018.
The company has another imaging agent for prostate cancer in its pipeline, which is being evaluated in a phase II/III study. Top-line data from this study is expected in the fourth quarter of 2018.
Per the press release, prostate cancer is the second most common type of cancer affecting men in the United States. The American Cancer Society estimates that prostate cancer will be diagnosed in nearly 161,360 new patients and cause death of about 26,730 patients every year.
However, the shares have gained 9.2% in the last two trading sessions, presumably due to the addition of Progenics’ recently approved radiotherapeutic, Azdera, to the National Comprehensive Cancer Network (“NCCN”) Clinical Practice Guidelines in Oncology for Neuroendocrine and Adrenal Tumors. Azdera was approved in July for treating pheochromocytoma and paraganglioma, types of cancer. Addition of the drug to the NCCN guideline is expected to boost sales.
Prior to the approval of Azdera, the company had one approved drug in its portfolio, Relistor, which is marketed by its partner Bausch Health Companies, Inc. (BHC - Free Report) . Progenics earns royalty on Relistor sales. The impact of Azdera on the company’s top-line performance remains to be seen.
By the end of this year, Progenics expects to initiate an early-stage study to evaluate a PSMA-Targeted Thorium Conjugate that it is developing in collaboration with Bayer (BAYRY - Free Report) metastatic castration-resistant prostate cancer.
Progenics Pharmaceuticals Inc. Price
Progenics Pharmaceuticals Inc. Price | Progenics Pharmaceuticals Inc. Quote
Zacks Rank & Stock to Consider
Progenics currently carries a Zacks Rank #4 (Sell).
Ligand Pharmaceuticals Incorporated (LGND - Free Report) is a better-ranked stock from the pharma space, sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ligand’s earnings per share estimates increased from $5.64 to $6.33 for 2018 and from $5.59 to $5.74 for 2019 in the last 30 days. The company delivered a positive earnings surprise in all the trailing four quarters, with an average beat of 59.54%. The company’s shares have rallied 92.9% year to date.
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Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
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