What's Behind Progenics Pharmaceuticals, Inc.'s Bump Today?
Shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX), a small-cap biotech with a several irons in the fire, are on the rise today. Despite a lack of significant news, the stock tacked on a 12.2% gain as of 1:50 p.m. EDT on Monday.
Big movements without a reason aren't at all unusual in this industry, and sometimes just a hint of progress is enough to spark a rally. Today, it looks like a meeting with a bank was enough to ignite hopes that a stalled application is making progress.
Delaying the submission of a new drug application for Azedra has been pressuring Progenics' stock price recently. Today, it looks like rumors of a meeting with a bank that underwrote a previous share offering for the company are fueling hopes the Progenics is ready to file that application soon.
Source: Fool.com
