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Fly News Breaks for May 10, 2018
PBYI
May 10, 2018 | 12:42 EDT
Citi analyst Yigal Nochomovitz sees several possible explanations for the post-earnings pullback in shares of Puma Biotechnology, including lower apparent demand for Nerlynx in April, the Q1 cumulative discontinuation rate having risen sequentially to 12% from 9% in the prior quarter and the fact that its third-line metastatic trial is being pushed into the second half or perhaps 2019. However, concluding that the Nerlynx launch may be stalling "seems premature," the discontinuation rate data are still "well within" his expectations and the pushback of NALA data should "only be viewed favorably" given that this is perceived by many to be a risky trial, Nochomovitz tells investors. The analyst, who recommends buying on the dip, has a Buy rating and $146 price target on Puma shares.
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