AMP's internal research values Progen below $1.50 per share. They say the best case scenario is PI-88 sharing the resectable market with Nexavar and with Nexavar having the superior oral formulation it is likely to dominate. Other concerns are the recent substantial executive director payrises suggesting some milking is going on. Finally there are substantiated reports of further delays to the start of Phase III testing related to drug delivery issues and physician preference for the recently announced Nexavar resectable trial.
AMP don't even mention the recent lung cancer failure but it must have weighed on their decision to dump their holding. The mixed results from their preclinical candidates just add to the negative sentiment. This is now a strong sell.
PGL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
