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CIBC Upgrades Progenics Pharmaceuticals

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.

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