Puma Biotechnology Inc (NYSE: PBYI)
Puma Biotechnology was off to a seemingly normal day. While the stock did fall into the red, it was nothing that big. However, minutes ago, things changed as the stock took a dive. We believe we know what’s causing the fall. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching with regard to PBYI ahead.
What We’re Seeing From PBYI
As mentioned above, Puma Biotechnology was off to a relatively normal start in the market today. While the stock did fall into the red, it wasn’t anything to write home about. That is, until minutes ago, when someone pulled the floor out from under this thing. At the moment (10:47), PBYI sits at $32.85 per share. The stock was halted after falling $17.55 per share (34.82%) in a matter of minutes!
Why The Stock Is Falling
As usual, when we noticed that PBYI was taking a dive, the CNA Finance team started to dig to see exactly what was going on. Unfortunately, the news wasn’t positive. Essentially, there was a PR with regard to an investigation into Puma Biotechnology last week. However, that didn’t seem to get much notice.
Nonetheless, the social streams lit up today as reports that founder Alan H. Auerback “knew the allegedly real trial results when he made the alleged misrepresentations.” Unfortunately this doesn’t look good for PBYI and investors are selling off.
What We’ll Be Watching For Ahead
Moving forward, we’re not expecting to see much positivity surrounding PBYI. We’ll be keeping a close eye on this story as the investigation unfolds. However, we know how damning these kinds of reports can be. Just take a look at VRX! As always, we’ll bring you the news on Puma Biotechnology as it becomes available!
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