Credit Suisse More than Doubles Price Target on Puma Biotechnology (PBYI) to $111

September 22, 2016 6:36 AM EDT
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Price: $34.65 -2.75%

Rating Summary:
    7 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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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."

For an analyst ratings summary and ratings history on Puma Biotechnology click here. For more ratings news on Puma Biotechnology click here.

Shares of Puma Biotechnology closed at $67.97 yesterday.

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