This is stock is going from strength to strength, it's not...

This is stock is going from strength to strength, it's not uncommon for the FDA to approve a drug for commercialisation from the PhaseII data, if it is positive. The Phase III data is due Q1/Q2 07.

Bell Potter has a strong recommendation on them at $10.93 and 2 other brokers have a 12month target of $22 and $50 ($50 seems a bit unlikely), but $10.93 looks attainable. Especially with the volumes increase on the Nasdaq last night - Progen (PGLA - Nasdaq) hit a late afternoon high of US $8.74 (A$11.21) on high volumes of 6m shares - closing up 119% to US 6.48 (A$8.31).