RBC rates Progenics at sector perform

RBC Capital Markets analyst Michael J. Yee rated Progenics Pharmaceuticals Inc. at sector perform, above average risk, with a $27 price target after the company reported second-quarter results with core operations mostly in line with expectations. Revenue was $19 million, higher than RBC's estimated $12 million due to $7 million in higher reimbursed costs, which offset higher research and development expenses. The analyst expects the second half of 2006 to be marked by multiple phase 3 trial starts. Company positives include a low cash burn, diverse pipeline and flexible dosing of Progenics' lead product MNTX, according to the analyst. Shares of the Tarrytown, N.Y.-based pharmaceutical company were down 29 cents, or 1.39%, at $20.64, on volume of 193,351 shares versus the three-month running average of 217,377 shares. (Nasdaq: PGNX)

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