Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

An Update On Progenics Pharmaceuticals

|Includes: Progenics Pharmaceuticals Inc. (PGNX)

"Life is ten percent what you experience and ninety percent how you respond to it." ― Dorothy M. Neddermeyer

Dorothy M. Neddermeyer

I have gotten quite a few questions on Progenics Pharmaceuticals (NASDAQ:PGNX) today as the stock has traded significantly down on the day. The company released critical trial results for its compound Azedra before the bell. Investors seem less than encouraged by the data, which I think is probably the wrong take.

In addition, the stock had shot pretty much straight up since the November election, rising some 120% until this recent weakness. So let's take a quick glance of trial results and what this likely means for Azedra as well as remind all the company also recently released some data around its cancer imaging agent 1404.

Only 1 Full Day Left!

Note: The model Insiders Forum portfolio has more than TRIPLED the performance of the Russell 2000 since its launch in late June of last year (40.03% versus 11.78% as of Monday's close). Buying attractive small & mid-cap stocks insiders are purchasing is turning out to be a rock solid investment strategy. We are still giving away 14 day free trials but only until Midnight EST, March 31st. To take advantage of the last opportunity for this risk-free offer, click HERE.

While not as impressive as an earlier data set, the trial did meet its primary endpoint of the proportion of participants who achieved at least a 50% reduction in all antihypertensive medication for at least six months. The trial therefore met the Special Protocol Assessment {SPA} as outlined when the compound received Fast Track & Breakthrough Therapy status.

The company stated it was still on track to file a NDA on the drug by mid-year and that additional data will be submitted for presentation at a future medical meeting. It is important to remember that this trial was put together to see if Azedra could be effective in treating rare neuroendocrine tumors called pheochromocytoma and paraganglioma. The compound met its endpoint in doing so and there are NO other treatments for this indication. This most likely means Azedra will be greenlighted by the FDA probably sometime in early 2018. Also remember the FDA is likely to less stringest in these cases with no current approved treatments on the market in a Trump administration.

This will give Progenics its second approved compound along with relistor. In addition, its prostate cancer imaging agent 1404 the data from a Phase II trial visualizing prostate cancer has just been published in the Journal of Nuclear Medicine.

This data was encouraging and Progenics is currently assessing 1404 in a Phase 3 study in certain patients with low grade prostate cancer. If all goes well, Progenics might have its third approved compound on the market probably sometime in 2019 if I had to guess.

In short, if you like Progenics before these results came out like I do; your outlook should be the same. I would expect at least one analyst firm to reiterate a Buy rating within the next week and this "buyable dip" might be long-lasting. Indeed, the stock's loss for the day has been cut in half in the 30-45 minutes it took me to pen this instablog.

"Only 8% of our worry will come to pass. 92% of our worry is wasted. DON'T PANIC"
Mark Gorman

Note: If you are not registered to receive the several free & detailed reports on biotech & biopharma stocks I put out every month via biotechfreereports.com, there is always times to do so. Our latest report on an attractive under $8 biotech stock with heavy insider buying came out Monday and is available HERE. Please register if have already done so to get these reports "fresh" in your "in" box as published going forward.Thank You and Happy Hunting

Image result for free report

Thank You & Happy Hunting

Bret Jensen

Founder, Biotech Forum & Insiders Forum

Disclosure: I am/we are long PGNX.