Puma Biotechnology (NASDAQ:PBYI) had its price objective raised by Bank of America Corp. from $118.00 to $141.00 in a research report released on Tuesday morning, American Banking & Market News reports. Bank of America Corp. currently has a buy rating on the stock.
“PBYI hosted an investor call to provide an update on three ongoing clinical studies assessing the company’s development stage oncology drug neratinib in a range of solid tumors driven by mutations in the Her2 receptor. While comments are made on preliminary results to date and therefore could change with additional data, we believe the results thus far establish strong proof of principle anti-tumor activity for neratinib in Her2 driven cancers. We are most confident in the lung and breast cancer opportunities, but note that initial anti-tumor activity was observed in two additional tumors in the basket study.” Some highlights from the report included: - “PBYI believes Her2 mutations could be more prevalent in previously treated patients vs newly diagnosed. - “Management noted it is observing early signs of antitumor activity in two tumor types despite only having scans following a single cycle of treatment.,” the firm’s analyst wrote.
Puma Biotechnology (NASDAQ:PBYI) opened at 110.10 on Tuesday. Puma Biotechnology has a 52 week low of $18.22 and a 52 week high of $110.72. The stock’s 50-day moving average is $62.95 and its 200-day moving average is $53.20. The company’s market cap is $3.159 billion.
Separately, analysts at Stifel Nicolaus downgraded shares of Puma Biotechnology from a buy rating to a hold rating in a research note to investors on Thursday, December 19th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Puma Biotechnology has an average rating of Buy and a consensus target price of $76.73.
Puma Biotechnology, Inc is a development-stage biopharmaceutical company that acquires and develops products for the treatment of various forms of cancer.
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