RBC keeps Progenics at sector perform

Progenics Pharmaceuticals, Inc. was kept at a sector perform, above average risk rating by RBC Capital Markets analyst Michael J. Yee. The start of the company's MNTX phase 3 program bodes well for expected approval by early 2009. Yee pointed out that the primary endpoint is time to first bowel movement, which is similar to Adolor's phase 3 trials, which means the Food and Drug Administration is likely to approve Adolor's alvimopan by November 9th. RBC remains positive on Progenics in the long-run. Shares of the Tarrytown, N.Y.-based pharmaceutical company were up 19 cents, or 0.81%, at $23.62. (Nasdaq: PGNX)

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