Merrill has Progenics at neutral

Merrill Lynch analyst David Munno rated Progenics Pharmaceuticals Inc. at neutral on the company's third-quarter earnings "non-event." Wyeth's reimbursing Progenics for developmental expenses will help to reduce the company's cash burn significantly. Look for Progenics to submit a New Drug Application for MNTX and data from its ongoing phase 1b trial of PRO140 for HIV in the first-quarter 2007. Shares of the Tarrytown, N.Y.-based pharmaceutical company were up $1.98, or 7.29%, at $29.15. (Nasdaq: PGNX)

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