Cantor Fitzgerald analyst Alethia Young raised her price target for Puma Biotechnology to $55 after the company released the Phase 3 NALA study in HER2+ metastatic breast cancer patients. The analyst increased her probability of success to 75% from 25% in her base case, which adds $5 per share. Young now models an incremental $150M in 2023 for Nerlynx sales from HER2+ metastatic breast cancer sales. The general expectation from investors was that the trial would likely fail, so the stock should be up on the news, Young tells investors in a research note. She thinks the NALA readout "lifts an overhang on the Puma story" and that Puma's Q4 earnings "may now be a major catalyst for the stock."