Cantor Fitzgerald Thinks Puma Biotechnology’s Stock is Going to Recover


In a report released yesterday, Alethia Young from Cantor Fitzgerald maintained a Buy rating on Puma Biotechnology (PBYI), with a price target of $55. The company’s shares closed yesterday at $21.42, close to its 52-week low of $17.60.

Young noted:

“: We have an Overweight rating on the shares and are increasing our price target to $55/sh from $50/sh. Puma released the Ph3 NALA study in HER2+ metastatic breast cancer patients. We increased our probability of success to 75% from 25% in our base case, which added $5/share. If we assume 100% success, it adds another $3/share to our DCF. We model an incremental $150M in 2023 for Nerlynx sales from HER2 metastatic breast cancer sales from NALA. We spoke to the CEO post call to better-understand the potential here. We think that the general expectation from investors was that the trial would likely fail. Therefore, we would expect the shares to be up on the news.”

According to TipRanks.com, Young is a 4-star analyst with an average return of 3.9% and a 45.3% success rate. Young covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Sarepta Therapeutics, and Intercept Pharma.

Puma Biotechnology has an analyst consensus of Hold, with a price target consensus of $39.50.

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The company has a one-year high of $101.50 and a one-year low of $17.60. Currently, Puma Biotechnology has an average volume of 1.29M.

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Puma Biotechnology, Inc. is a development stage biopharmaceutical company. It acquires and develops innovative products for the treatment of various forms of cancer.

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