Progenics still neutral, Merrill says

Progenics Pharmaceuticals Inc. was maintained by Merrill Lynch analyst David Munno at a neutral rating. The recent deal for methylnaltrexone with Wyeth was positive, but risks remain to reach the top end of Merrill's fair-value range. Investor focus may shift focus to the HIV pipeline, including PRO 140, which could create the most value for the company in the intermediate term, Merrill said. A healthy balance sheet also could help stock. On Dec. 27, shares of the Tarrytown, N.Y., biopharmaceutical company were down 14 cents, or 0.55%, at $25.46 on volume of 259,835 shares versus the three-month running average of 206,925 shares.

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