NEW YORK (TheStreet) -- Shares of Progenics Pharmaceuticals (PGNX) - Get Report are up 26.27% to $6.24 on heavy trading volume Wednesday afternoon after announcing with Valeant (VRX) that their Relistor treatment for opioid-induced constipation received FDA approval.

An injectable form of the drug, developed by Progenics, was approved in 2008, according to the Wall Street Journal. Progenics then licensed Relistor rights in most markets to Salix Pharmaceuticals in 2011. 

Salix was acquired by Valeant in 2015 for $11.1 billion.

Progenics previously announced that FDA approval would trigger a milestone payment of up to $50 million. Royalty revenue from the treatment was $2.2 million in the first quarter, representing the majority of Progenics's $2.5 million of total revenue.

About 12.48 million shares of Progenics have been traded so far today, well above its average trading volume of roughly 1.24 million shares per day.

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

Progenics's weaknesses include its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: PGNX

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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