Progenics Pharmaceuticals Reports Top Line Phase 3 Clinical Trial Results

On September 13, Progenics Pharmaceutical, Inc. (PGNX) reported Phase 3 clinical trial results from its study of 1404, the company’s prostate specific membrane antigen (PSMA). It is a targeted small molecule SPECT/CT imaging agent designed to visualize prostate cancer. The results met one of the co-primary endpoints of identifying patients without clinically significant prostate cancer. The clinical trial, however, did not identify patients with clinically significant disease. Although the results are promising, they did not match with the Phase 2 results.

Rocket Tickers received the news and sent out an alert at 8:00 am. The next trade took place at 8:07 am for $13.70. After a dip to $13.50 at the market open, Progenics’ stock rose throughout the day to close at $14.80. That makes a gain of 8% on the event day.

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