Credit Suisse More than Doubles Price Target on Puma Biotechnology (PBYI) to $111
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Credit Suisse analyst Kennen MacKay reiterated an Outperform rating and sharply raised his price target on Puma Biotechnology (NYSE: PBYI) to $111.00 (from $54.00) on increased Neratinib expectations.
MacKay commented, "We increase our PBYI TP to $111 (+$57) on increased sales expectations for neratinib in the HER2+ extended adjuvant setting. We view the FDA's acceptance of neratinib's NDA as a key de-risking event, further supported by mgmt.'s guidance that FDA's 60-day letter indicated that no review issues have been identified at this time."
He added, "Our doc checks suggest improved physician sentiment towards neratinib and growing awareness surrounding the use of Imodium prophylaxis to manage diarrhea. We view this improving the drug's risk/reward profile and likelihood of usage in lower risk patients."
Shares of Puma Biotechnology closed at $67.97 yesterday.
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