Merrill maintain Progenics at neutral

Progenics Pharmaceuticals Inc. was maintained by Merrill Lynch analyst David Munno at neutral on news that top line data of Study 302 of Methylnaltrexone in advanced medical illness patients with opioid-induced constipation met the co-primary endpoints of laxation within four hours of the first drug dose and laxation within four hours of at least two of the first four doses. Three-month follow data from the open label portion of the study are not yet available. Merrill increased its theoretical fair value range by about $1 to $26-$33. Shares of the Tarrytown, N.Y., pharmaceutical company were up $1.38, or 5.19%, at $27.99 on volume of 614,973 shares versus the three-month running average of 375,705 shares. (Nasdaq: PGNX)

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