Puma Biotechnology (PBYI) PT Lowered to $27 at Cowen

Cowen analyst Chris Shibutani lowered the price target on Puma Biotechnology (NASDAQ: PBYI) to $27.00 (from $41.00) while maintaining a Market Perform rating. PBYI reported at ASCO 2019 the full results from the Phase 3 NALA trial of neratinib + capecitabine (N+C) vs lapatinib + capecitabine (L+C) in 3L metastatic breast cancer (mBC).

While positive overall on PFS, full details of the Ph 3 NALA trial reported by PBYI at ASCO were mixed. The PFS benefit was modest, and management of diarrhea continues to be a challenge. Shibutani expects results to support approval in 3L mBC but for a diminished opportunity based on the observed treatment duration and tolerability.

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