Several hedge funds have made changes to their positions in the stock. Shinko Asset Management Co. Ltd. increased its stake in shares of Progenics Pharmaceuticals by 68.4% in the fourth quarter. Shinko Asset Management Co. Ltd. now owns 140,191 shares of the company’s stock valued at $859,000 after buying an additional 56,941 shares during the period. Acadian Asset Management increased its stake in shares of Progenics Pharmaceuticals by 36.8% in the fourth quarter. Acadian Asset Management now owns 438,402 shares of the company’s stock valued at $2,687,000 after buying an additional 117,995 shares during the period. Finally, Fisher Asset Management increased its stake in shares of Progenics Pharmaceuticals by 68.4% in the fourth quarter. Fisher Asset Management now owns 140,191 shares of the company’s stock valued at $859,000 after buying an additional 56,941 shares during the period.
read breakthrough designation...fda can step in anytime and pgnx management said they were going to try and expedite with fda
Azedra was acquired by PGNX from its previous owner Molecular Insight. Molecular Insight had conducted a Phase I clinical trial and advanced Azedra to Phase II under an SPA. However, Molecular Insight could not continue the trial as it went bankrupt. The asset eventually was acquired by PGNX. While Molecular Insight failed to complete the trial due to its bankruptcy, it did enroll 41 patients in the trial. 34 of the 41 patients enrolled were given complete dosing and 13 achieved primary endpoint. The FDA guidance was 25% of all enrolled patients achieving primary endpoint. 13 patients achieving primary endpoint translates to 23% of 58 patients. This means that of the remaining patients if even one achieves the primary endpoint then PGNX will meet the FDA guidance.
When I had initiated coverage on PGNX, I had come up with a fair value of $31 per share. This value was based on the potential of Relistor, Azedra and 1404. Azedra's value alone was $11 per share based on 2017 launch and the company capturing 90% of the treatment market at peak. On Thursday, PGNX closed at $6.33 so the market is significantly undervaluing the stock even as the company continues to advance its pipeline.
don't forget that...majority of cohorts in study have been in it for many many years already with35% success only 25% needed....just saying
light volume...gonna be a huge short squeeze coming.........fda early approval is very high on azedra drug....and multiple collaboration potential deals