Puma Biotechnology Inc (NASDAQ: PBYI)
Puma Biotechnology is having an incredibly rough time in the pre-market trading hours today, and for good reason. A competitor released positive results from a clinical trial, threatening new competition. Below, we’ll talk about what we’re seeing from PBYI, why, and what we’ll be watching for ahead.
What We’re Seeing From PBYI
As mentioned above, Puma Biotechnology isn’t having the best of times in pre-market trading today. In fact, the stock is taking a bit of a dive. The stock started making a run for the bottom after a competitor released positive clinical data, and unfortunately, it hasn’t stopped since. At the moment (8:51), PBYI is trading at $28.50 per share after a loss of $9.55 per share (25.10%) thus far today.
Why The Stock Is Taking A Dive
Our partners at Trade Ideas were the first to alert us to the movement on PBYI, as is nearly always the case. Nonetheless, as soon as we got the alert, the CNA Finance team started working to see why the stock was making a run for the bottom. It didn’t take long to dig up the story. Ultimately, the declines are the result of positive news from a competitor.
Early this morning, Roche Holdings released data from their APHINITY study. Ultimately, the data was overwhelmingly positive. The problem with this is that the study surrounded a treatment that’s in direct competition with neratinib from PBYI. In fact, some – including Adam Feuerstein – are calling the news a “fatal blow to neratinib.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PBYI. In particular, we’re interested in seeing how the company plans to compete and maintain its positioning with neratinib. We’ll keep a close eye on the story and continue to bring you the news as it breaks!
Update (10:15) – PBYI seems to be on a swift recovery from today’s lows. While the stock is still trading down quite a bit, it has definitely cut into the more than 20% loss and is climbing as I type this update. At the moment, Puma Biotechnology shares are trading at $33.55 each after a loss of $4.50 per share (11.83%) thus far today.
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