There are many interesting value plays in biotech including PGNX, but I would not consider them long term hold (3-5 years time frame). The differentiation is MNTA, MITI, PLX, SGEN can produce drug after drug while PGNX depends on Relistor success, and others in its pipleline are just too random for me to consider as long term hold. Look, there are many one drug success story in biotech, but I'd consider them too risky for long term hold. SGEN currently is expensive for sure, but if you look 3-5 years ahead, it isn't expensive because its technology allows it and its partners to produce as many drugs as resources allow.
To illustrate the difference, consider PGNX and NKTR. I got into PGNX the first time in 2008 when Relistor failed POI while pending at FDA for OIC, stock tanked to sub $5. During this period of time, I got to know NKTR with oral OIC drug (Relistor competitor) success in phase II. At that time, I considered NKTR as long term hold because of its technology platform, PGNX was not. I sold PGNX when it reached $15 while held NKTR ever since - bought both at $5 range, PGNX currently is still $5 range, while NKTR at $11. The point is PGNX tied to Relistor completely while NKTR was not tied to NKTR118's success - its partner is going to start phase III this quarter only.
I am not trying to talk you out of PGNX, it is a value play right now, $4 cash, just want to illustrate my logic for long term hold.
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