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Closing PGNX (Progenics) underperform

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March 10, 2008 – Comments (0) | RELATED TICKERS: PGNX

I'm ending this pick to take some advantage of a day in which small-cap biotech is getting completely massacred out of proportion to the S&P. Progenics is still somewhat overpriced by my model based on their pipeline and degree of risk, but they've fallen very far and fairly fast since I made my pick six months ago. In addition there are numerous potential positive catalysts in the near term, including possible subcu methylnaltrexone approval in 4/08 and phase II data for oral methylnaltrexone and pro140.

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