Progenics has two upcoming catalysts:
- Progenics is expecting to announce data from its Phase II PSMA ADC trial at the American Society of Clinical Oncology meeting in January 2014.
- Progenics has a scheduled a tentative advisory panel meeting (ADCOM) in March (10th – 11th) to review an sNDA for Relistor expanded usage in OIC (opioid induced constipation) chronic pain.
In a December 6 press release it stated, ”PSMA ADC is the most advanced antibody drug conjugate in clinical development to treat prostate cancer,” said Robert J. Israel, M.D., Executive Vice President, Medical Affairs. ”Based on the data seen with PSMA ADC in chemotherapy experienced patients, we have decided to explore whether this compound can also benefit men in the less clinically advanced chemotherapy naïve setting.”
Trade thesis – Similar situation to our $MACK call before it ran from $2 to about $5. Chart indicates warrant holders/shorts are about to run the stock. I see little downside from here and an upside to at least $6.50, if not higher. Positive retail sentiment in the name, Baker Brothers LLC owning millions of shares, and other technical and fundamental factors make $PGNX a very attractive long shorter term trade.