RBC initiates coverage of Progenics at sector perform

RBC Capital Markets analyst Michael J. Yee began coverage of Progenics Pharmaceuticals, Inc. at sector perform, above average risk. The company's lead compound, methylnaltrexone (MNTX) has completed very positive phase 3 trials for opioid-induced bowel dysfunction. MNTX competes with Adolor's alvimopan and both are likely to share the $500 million to $1 billion OBD (chronic) market, according to the analyst. MNTX may not reach the market until early 2008. Shares of the Tarrytown, N.Y.-based pharmaceutical company were down 70 cents, or 3.20%, at $21.19 on volume of 158,627 shares versus the three-month running average of 226,602 shares. (Nasdaq: PGNX)

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