Progenics (PGNX) shares have soared in pre-market trading today following the approval of oral RELISTOR. The FDA approved oral RELISTOR  for the treatment of opioid-induced constipation in adults with chronic non-cancer pain. The drug has been out licensed to Valeant Pharmaceuticals International (VRX). But the approval will trigger a $50 million milestone payment to PGNX. The company is also entitled to royalty payments. Oral RELISTOR is expected to significantly boost RELISTOR sales. The drug’s injectable formulation was first approved in April 2008. Not surprising then that PGNX shares have got a boost. But PGNX still remains well below its 2015 levels. The stock was in 2016 Top Biotech Picks list and I continue to believe in the PGNX story despite the poor performance this year so far. A bigger catalyst for PGNX will come later in the year when the company releases Azedra data. As I have said, the chances of success here are very high. The milestone payment from VRX means that there is no near-term dilution risk for PGNX. The best way to play PGNX now will be to take some profit during today’s rally if your entry point was below $5. PGNX is a long-term story but it is important to keep taking some profit of the table.