Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) is trading relatively flat in the pre-market hours this morning, but that all could change pretty quickly. That’s because minutes ago, the company announced positive topline data from a recent clinical trial. Today, we’ll talk about:
- The data;
- what we’re seeing from PGNX stock as a result; and
- what we’ll be watching for ahead.
PGNX Releases Positive Clinical Data
As mentioned above, Progenics Pharmacueticals could have a great day in the market today as news of clinical data hits the wire. In a press release issued minutes ago, the company announced data from a study known as OSPREY 2301. During the study, the company assessed PyL as an option as a small molecule PET imaging agent to help visualize prostate cancer.
In the release, PGNX said that Pyl demonstrated high sensitivity in reliably detecting distant metastatic prostate cancer lesions and high specificity in confirming the absense of pelvic lymph node disease. In the release, the company said that the associated strong positive predictive values and negative predictive value of PyL imaging in these disease settings indicate its potential for high clinical utility. In a statement, Dr. Michael Morris, Associate Professor at Memorial Sloan Kettering and leadin investigator of the PGNX PyL trial, had the following to offer:
These are highly encouraging results in a large, well-controlled and rigorous trial showing PyL has excellent positive and negative predictive value in assessing the distribution of disease in men with high-risk prostate cancer. Furthermore, in men intended to go to surgery, the specificity of PyL was exceedingly good. Taken together, a PyL PET avid lesion is a reliable reflection of histologically proven disease and may provide additional important information to men with prostate cancer and their doctors. That information may provide important guidance in the decision-making for their treatment.
What We’re Seeing From The Stock
While the news is known to move the market, investors must not have caught wind of this news quite yet as the stock is trading flat at $6.12 per share in the pre-market. However, Progenics may be creating an opportunity to get in before investors hop on the bandwagon, creating the potential for incredible gains throughout the session.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PGNX. In particular, we’re interested in following the story surrounding the company’s proprietary PyL imaging as it seems to be yielding overwhelmingly positive results in the clinical setting. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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