CIBC Upgrades Progenics Pharmaceuticals

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FEBRUARY 23, 2005

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WORD ON THE STREET

CIBC Upgrades Progenics Pharmaceuticals
Analyst Matt Geller says he expects positive results for the pharmaceutical company's trials for methylnaltrexone

CIBC World upgrades Progenics Pharmaceuticals (PGNX ) to sector outperform from sector perform.

Analyst Matt Geller says he is upgrading on expectations that positive results of first of 2 Phase III trials for methylnaltrexone (MNTX) for opioid-induced constipation in patients with advanced medical illness (AMI) will be announced by the end of the first-quarter or before.

He says positive Phase III results for MNTX in AMI should be a near-term positive catalyst, and longer term, positive post-operative results could add substantial further upside potential.

Geller sets a $30 target, at 25 times his $2.42 2010 earnings per share estimate, discounted at 15%. He maintains his $2.66 2005 loss estimate.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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