In a report released yesterday, Marc Frahm from TD Cowen maintained a Hold rating on Puma Biotechnology (PBYI – Research Report), with a price target of $4.00.
Marc Frahm’s hold rating for Puma Biotechnology’s stock (PBYI) is based on a number of factors. The company’s Q3 sales of Nerlynx, at $51.6MM, were slightly below the consensus of $52.5MM. Additionally, the company’s net income turned out to be $5.8MM. However, the company plans to start using alisertib as a monotherapy in certain SCLC patients with specific biomarkers in the fourth quarter.
Despite these developments, Frahm remains unconvinced about the rapid market potential of alisertib, especially in HR+ mBC. He also points out that Nerlynx’s Q3 sales, although they included a $600K inventory increase from distributors, were slightly below market predictions. Although Puma reported a GAAP net income of $5.8MM, which equates to $0.12 on a per share basis, Frahm still maintains a hold rating for the company’s stock. This is due to a combination of these factors and the uncertainty surrounding the company’s future performance.
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Puma Biotechnology (PBYI) Company Description:
Puma Biotechnology, Inc. is a development stage biopharmaceutical company. It acquires and develops innovative products for the treatment of various forms of cancer. The company focuses on in-licensing drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seek to further develop those drug candidates for commercial use. Puma Biotechnology was founded by Alan H. Auerbach on September 15, 2010 and is headquartered in Los Angeles, CA.
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