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PGNX - Progenics: Volatility Shaking The Tree After A Rough Q2 Earnings
Progenics Pharmaceuticals Inc.
Progenics Pharmaceuticals (PGNX) recently reported their Q2 earnings report with a miss on EPS and beat on revenue. Although the company reported a 157% year-over-year growth, they only dosed two patients with AZEDRA. In fact, Azedra sales came in at $0.3M, whereas RELISTOR royalty income was up to $3.6M. The slow and feeble AZEDRA launch has some longstanding PGNX investors becoming irritated with the company's performance. Most notably, the company's leading shareholder, Velan Capital, responded to the company earnings report with their own review of the company. Velan pointed out several issues, including