oldberkeley,
Sorry for the delay in my response. There isn't any news to justify the recent drop in PGNX. The amount of shares traded has been extremely low lately, so price manipulation or small changes in sentiment by even moderately large shareholders can significantly alter the price. I can't speak to the conjugated anti-PMSA antibodies for prostate cancer because it is only in early phase I trials, nor the antibodies to the C. difficile toxin because it is still pre-clinical so we need to focus on Relistor, which is approved for advanced medical illness only.
Actually PGNX prospects look brighter than they have in some time with submission to expand the Relistor label to the very large chronic pain market completed and the phase III trial of the Relistor oral formulation soon to be completed. There is new president (Mark Baker) who actually takes the time to inform shareholder and who demonstrated his business acumen by getting an excellent deal with Salix for Relistor, which has Salix paying all the future development costs, and gives PGNX the majority of sales for a European deal. Relistor sales are quite low now, but that is in part due to Wyeth being bought and dropping Relistor. I don't expect great sales numbers to come in until chronic pain is approved, but there will surely be a decent rise with a leader in gastroenterology like Salix in charge.
I also like that Baker is starting a review to further cut expenses, which likely spells the end of PRO140 or even more likely, the end, sale or partnership of the pre-clinical anti-HepC entry program. The former CEO Maddon was clueless in regards to business. I already own too much PGNX, but if the price drops lower, I may be enticed to buy more but the MNTA price drop looks even better to me. What to do??
AI
