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Here's Why Progenics Pharmaceuticals, Inc. Lost Ground Today

TheMotleyFool

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Here's Why Progenics Pharmaceuticals, Inc. Lost Ground Today

Despite upbeat recent developments, shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) fell 15.3% during Wednesday's session. The biotech reported solid progress with clinical-stage candidates, but a steep drop in Relistor revenue weighed on the stock.

An injectable form of Progenics' Relistor for the treatment of opioid-induced constipation has been available since 2008. Investors expected a tablet version approved last July to lead to significantly higher sales and are punishing the stock because the revenue hasn't materialized.

Image source: Getty Images.

Source: Fool.com