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Puma Biotechnology rises on neratinib update

Dec. 05, 2013 8:53 AM ETPuma Biotechnology, Inc. (PBYI) StockPBYIBy: Colin Lokey, SA News Editor
  • Puma Biotechnology (NYSE:PBYI) rallies 20% in premarket trading.
  • Investors appear pleased with top-line data from a Phase 2 study of neratinib in breast cancer (data released Wednesday evening).
  • BofA has lifted the price target on the shares to $87 from $71, saying "much awaited I-SPY2 top-line results show PBYI's next generation HER2 kinase inhibitor is superior to Herceptin in the neoadjuvant breast cancer setting in a Taxol containing regimen."
  • Meanwhile, FierceBiotech's John Carroll calls the study "anything but traditional" in a story that carries the rather colorful headline, "I-SPY a controversy over Puma's positive Phase 2 test of neratinib."
  • See: Puma releases "positive" results from neratinib trial

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