Stifel Upgrades Puma Biotechnology (PBYI) to Buy After Neratinib NDA Accepted
- Wall Street dragged down by Apple, health stocks
- Some Deutsche Bank (DB) Clients Said to Reduce Collateral on Trades
- Qualcomm (QCOM) in Talks to Acquire NXP Semiconductors (NXPI) - DJ
- Unusual 11 Mid-Day Movers 9/29: (ITCI) (ADHD) (MRNS) Higher; (CATB) (AEGR) (DRNA) Lower
- After Near-Term Outperformance, Barclays Sees Apple (AAPL) Shares Flat from Here
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Stifel upgraded Puma Biotechnology (NYSE: PBYI) from Hold to Buy with a price target of $88.00 (from $61.00) after the FDA accepted for review the neratinib New Drug Application in the extended adjuvant treatment, which significantly de-risks the story.
Analyst Thomas Shrader commented, "Puma today announced that the FDA has accepted for review the neratinib New Drug Application in the extended adjuvant treatment. For some time, we have viewed this event as unusually important for this drug due the procedural irregularities in the ExteNet trial that might have caused it to no longer be considered as “registrational”. However, investors appear to have been less cautious and the stock has run up considerably prior to today’s news to levels, which we believe reflect a reasonable commercial scenario for neratinib. We expect an ODAC panel for neratinib in the extended adjuvant setting as there are no other drugs approved in this setting for Her2 amplified disease. We expect some discussion of the possibility of waiting for OS data before approval, but overall we believe physicians are warming to this drug whose efficacy matches the greatest area of unmet need (HR+ patients) with a safety profile that increasingly looks to be under reasonable control. Based on today’s news, we are raising our probability of approval from 75% to 90%. As a result we raise our price target from $61 to $88 and raise our rating from Hold to Buy."
Shares of Puma Biotechnology closed at $58.95 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Upgrades Bonanza Creek Energy (BCEI) to Hold
- BMO Capital Raises Price Target on Methanex (MEOH) to $40
- Jefferies Raises price Target on Pier 1 Imports (PIR) Following 2Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA, Hot Upgrades, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!