Progenics Pharmaceuticals, Inc. (PGNX)

I cannot understand the valuation on this stock. The only product submitted for FDA approval is subcutaneous methylnaltrexone. An injection for constipation? A shot for a sh-t? I don't predict roaring sales. The real money is in the oral formulation which failed it's phase II trial in 3/07 (with minimal market reaction) and went back to phase I. Even if everything goes perfectly with oral methylnaltrexone (which hasn't been the case so far), it won't be on the market before 2011.


A lot of hype, much of it coming from TMF, surrounds the CCR5 inhibitor Pro140. This is a proposed intravenous therapy for an outpatient illness, and still only in phase I. I suspect that this is more of an attempt to latch onto HIV hype and inflate market valuation than a serious attempt to bring a novel HIV drug to market.


Finally, am I the only person who noticed that the company discontinued their GMK melanoma vaccine project in 7/07 without so much as a press release, and with no market reaction? Was no valuation whatsoever attached to this phase III project, and should we expect the same fate for the PSMA prostate cancer vaccine project?


In summary, I think a 250 million market cap would be generous for this company. Of course, who knows what the price will do in the short term as no one seems to be paying attention to what's really going on here.