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UPDATE: Goldman Sachs Downgrades Puma Biotechnology (PBYI) to Sell

October 8, 2019 4:12 AM EDT
Get Alerts PBYI Hot Sheet
Price: $5.58 --0%

Rating Summary:
    5 Buy, 6 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 8 | Down: 4 | New: 4
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(Updated - October 8, 2019 5:46 AM EDT)

(updated to add analyst comment)

Goldman Sachs analyst Paul Choi downgraded Puma Biotechnology (NASDAQ: PBYI) from Neutral to Sell with a price target of $8.00 (from $24.00).

The analyst comments "Expansion in HER2+ metastatic breast cancer represents the next potential driver for Nerlynx growth. However, we think the headline risk from upcoming competitive data at YE2019 from SGEN’s tucatinib is underappreciated and creates a challenging set up. We believe that even if tucatinib is not differentiated on efficacy, it may garner more market share on greater tolerability based on mCRC data shown at ESMO. We reduce our 2025 sales estimate by ~25% on lower expected uptake in the metastatic setting and slower international adoption of Nerlynx."

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 $10.07 yesterday.


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