Merrill maintains Progenics at neutral rating

Progenics Pharmaceuticals Inc. was maintained by Merrill Lynch analyst David Munno at a neutral rating after Wyeth, the company's partner for methylnaltrexone (MNTX), planned to submit a New Drug Application for MNTX advanced medical illness patients with opioid induced constipation in early 2007, instead of this year. A delay is likely to be viewed negatively in light of past delays. Merrill pushed its expected launch for MNTX to 2008 and its loss per share for 2007 moves to $1.54 from $1.49. Shares of the Tarrytown, N.Y., pharmaceutical products company were down $1.16, or 4.53%, at $24.45 on volume of 770,422 shares versus the three-month running average of 238,713 shares. (Nasdaq: PGNX)

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