Progenics initiated by Merrill at buy

Progenics Pharmaceuticals Inc. was initiated by Merrill Lynch analyst David Munno at a buy rating with a price target of $28 per share. Tarrytown, N.Y.-based Progenics engages in the development and commercialization of therapeutic products to treat debilitating conditions and life-threatening diseases with products for the areas of symptom management and supportive care, and the treatment of HIV infection and cancer. Progenics shares Thursday added 2 cents, or 0.09%, to $21.96 on volume of 155,607 shares versus the three-month running average of 177,994.

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