Shares of Puma Biotechnology traded down yesterday after the announcement of its partnership with Pierre Fabre in Europe, most likely because investors may think that a takeover is now less likely, Cantor Fitzgerald analyst Alethia Young tells investors in a research note. The analyst says that while a buyout is not her thesis, she thinks the likelihood of a potential deal "remains about the same." Management noted other companies like Pharmacyclics and Medivation that did deals in Europe for royalties and then were acquired, Young writes after speaking to Puma Biotechnology's CEO. Further, the analyst thinks the royalty with Pierre Fabre is probably more attractive than what investors expect. She keeps an Overweight rating on Puma Biotechnology with a $57 price target.