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Fly News Breaks for October 8, 2019
SGEN, PBYI
Oct 8, 2019 | 05:17 EDT
Goldman Sachs analyst Paul Choi downgraded Puma Biotechnology (PBYI) to Sell from Neutral with a price target of $8, down from $24. Given the moderating growth in the uptake of Nerlynx in the extended adjuvant setting, investor expectations are lower now, Choi tells investors in a research note. However, the analyst still believes that potential competition from Seattle Genetics' (SGEN) tucatinib and other agents in the metastatic setting constitutes "underappreciated risk." Further, Choi thinks Puma shifting its business model to one that is oriented to maximizing cash flow generation over Nerlynx's remaining patent protection "seems unlikely due to our lower topline estimates." The analyse reduced his Nerlynx sales estimates for 2019-2025 based on greater expected competition in the metastatic setting, slowing of U.S. launch dynamics in the extended adjuvant setting, and lower expected uptake in international markets.
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