UPDATE: Bank of America Raises PO on Puma Biotech on Ongoing Studies

In a report published Tuesday, Bank of America analyst Rachel McMinn maintained a Buy rating on Puma Biotechnology PBYI, raising price target to $141.00 from $118.00 due to higher probability.

According to the report, “PBYI hosted an investor call to provide an update on three ongoing clinical studies assessing the company’s development stage oncology drug neratinib in a range of solid tumors driven by mutations in the Her2 receptor. While comments are made on preliminary results to date and therefore could change with additional data, we believe the results thus far establish strong proof of principle anti-tumor activity for neratinib in Her2 driven cancers. We are most confident in the lung and breast cancer opportunities, but note that initial anti-tumor activity was observed in two additional tumors in the basket study.”

Some highlights from the report included:

- "PBYI believes Her2 mutations could be more prevalent in previously treated patients vs newly diagnosed.
- "Management noted it is observing early signs of antitumor activity in two tumor types despite only having scans following a single cycle of treatment.”

PBYI closed Monday at $109.00.