Puma Biotechnology Price Target Increased to $141.00 by Analysts at Bank of America Corp. (PBYI)
Research analysts at Bank of America Corp. boosted their price objective on shares of Puma Biotechnology (NASDAQ:PBYI) from $118.00 to $141.00 in a report released on Tuesday, AR Network reports. The firm currently has a “buy” rating on the stock. Bank of America Corp.’s price target indicates a potential upside of 37.33% from the stock’s previous close.
The analysts wrote, “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.”
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 analysts have rated the stock with a hold rating and three have given a buy rating to the company. Puma Biotechnology currently has an average rating of “Buy” and an average target price of $76.73.
Puma Biotechnology (NASDAQ:PBYI) traded up 5.56% on Tuesday, hitting $108.3801. 144,732 shares of the company’s stock traded hands. Puma Biotechnology has a 1-year low of $18.22 and a 1-year high of $105.00. The stock’s 50-day moving average is $60.95 and its 200-day moving average is $52.68. The company’s market cap is $3.109 billion.
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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