Puma Biotech (PBYI): Cash Hoard Grows - Stifel
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Stifel analyst, Thomas Shrader, reiterated his Buy rating on shares of Puma Biotechnology (NYSE: PBYI) after the company announced 3Q16 financial results including an EPS of ($2.02) and a cash position of $108.9 (excluding the $162 million in net proceeds of a recent follow on).
This cash position is partially earmarked for the pre-launch activities of neratinib in 2017, and more specifically to support an expanded access program. This program will allow free access to neratinib for both physicians and patient, increasing awareness to the drug, its benefits and management. The analyst views this effort as a positive as he believes it reflects managements confidence that the neratinib side effects are controllable and physicians and patients will have a positive experience with the drug.
Puma is also set to report important key findings from ongoing clinical trials over the next 6 months, including data from the study of neratinib + loperamide, and neratinib + fulvestrant. Both studies are important to support a favorable risk benefit profile of neratinib and its NDA and MAA applications. No change to the price target of $88.
Shares of Puma Biotechnology closed at $46.85 yesterday.
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