Progenics cut to neutral by Merrill Lynch

Progenics Pharmaceuticals Inc. was downgraded by Merrill Lynch analyst David Munno to a neutral rating from a buy. Merrill Lynch said it believes the market has priced in a partnership agreement with a large pharmaceutical company by the end of this year and data on the phase 3 study of MNTX in advanced medical illness patients with opioid-induced constipation. Partnerships could include co-promotion rights to offset research and development costs. Better visibility on a commercialization plan is needed before raising sales ramp estimates. Shares of the Tarrytown, N.Y., biopharmaceutical company were down $1.24, or 4.68%, at $25.28 on volume of 445,275 shares versus the three-month running average of 171,118 shares.

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