FDA's OK of Relistor Bodes Well for Progenics

That, plus inevitable short covering on news of the FDA approval, could push Progenics shares significantly higher, even if it's only temporary. On a personal note, I'm hoping the stock gets back to at least $18, which is where it was when I first wrote bullishly about Relistor's prospects, before the intravenous program stumbled over the failed phase III trial.

Finally, not all analysts got the Relistor call wrong. Kudos to Summer Street Research Partners' Carol Werther, who wrote the following to clients March 20: "The FDA likely will approve subcutaneous methylnaltrexone [Relistor] by April 30 for the treatment of opioid-induced constipation in patients with advanced medical illness. Two Phase III studies reached their endpoints -- percent of patients who defecated within four hours of receiving drug. No significant safety issues have appeared."

The only thing Werther missed was the actual approval date. But her clients will surely give her a pass on that small miscue.