Edward White, an analyst from H.C. Wainwright, reiterated the Buy rating on Puma Biotechnology (PBYI – Research Report). The associated price target is $8.00.
Edward White has given his Buy rating to Puma Biotechnology (PBYI) due to a variety of reasons. To begin with, Puma’s 3Q23 results were robust, with the company reporting revenues and non-GAAP EPS slightly ahead of White’s estimates. Furthermore, there was a notable increase in royalty revenue, leading the company to raise its guidance for FY23. The company also boosted its net income guidance for FY23, indicating a solid financial performance. The fact that Puma had $85.0M in cash and equivalents at the end of 3Q23 also contributes to White’s optimistic view.
In addition, the sales of Puma’s product, Nerlynx, in the U.S. remained stable in 3Q23, and it is expected to rise in 4Q23. Nerlynx, an irreversible tyrosine kinase inhibitor, is marketed for treatment of early-stage HER2+ breast cancer and is also approved in combination with other drugs for treating advanced or metastatic HER2+ breast cancer. The inclusion of Nerlynx in NCCN guidelines as a potential targeted therapy for certain breast cancer patients further supports its market potential. The company’s management also provided guidance for a range of $56M-$59M for Nerlynx net sales in 4Q23, and narrowed FY23 Nerlynx net sales guidance to a range of $206M to $209M. These factors combined have led Edward White to rate Puma Biotechnology with a Buy.
According to TipRanks, White is an analyst with an average return of -25.3% and a 21.89% success rate. White covers the Healthcare sector, focusing on stocks such as Valneva, Dynavax, and Puma Biotechnology.
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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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