Leerink analyst Thomas Smith started Puma Biotechnology with a Market Perform rating and $21 price target. In the near-term, the analyst sees the shares trading based on the outlook for Nerlynx revenue in its currently approved indication, extended adjuvant therapy after adjuvant Herceptin, and prospects for uptake in a near-term expansion indication, metastatic breast cancer. Results in Q3 were disappointing, he notes, further deflating investor sentiment as sales growth slowed and the number of company-reported active patients on therapy was revised lower. However, shares are trading in-line with his below consensus estimates and at current levels he cannot rule out strategic interest, given the resurgence in oncology-focused M&A and scarcity of commercial-stage oncology assets.