Merrill still neutral on Progenics

Merrill Lynch analyst David Munno said an FDA workshop will discuss safety and efficacy for drugs targeting CCR5 receptors for HIV, which could raise the profile of Progenics Pharmaceuticals' PRO140. It believes that FDA and industry experts will raise questions about the safety of small molecule targets for CCR5, which have had unacceptable off-target or nonspecific toxicities. However, efficacy of the drug target has been sufficient to merit additional development. Because PRO140 is an antibody antagonist of CCR5, it could have a better safety profile. As a result, if FDA and experts endorse the efficacy and need for further development of drugs targeting CCR5, it will benefit Progenics, but if efficacy and safety are called into question, it could raise the bar even higher for PRO140 and hurt the stock. Shares of the company were down 29 cents, or 1.35%, at $21.21 on volume of 316,962 shares. Three-month running averages were at 251,325. (NASDAQ: PGNX)

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