UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on Puma Biotechnology on Expected Positive Neratinib Data

In a report published Monday, Stifel Nicolaus analyst Joel Sendek reiterated a Buy rating on

, and raised the price target from $42.00 to $64.00. In the report, Stifel Nicolaus noted, “We expect a positive outcome--with investigators ‘graduating' neratinib from Ph2 to Ph3 evaluation in HER2+ patients--informed by our analysis of ClinicalTrials.gov archives that we see signaling encouraging progress for neratinib. While clinical data remains undisclosed, we believe neratinib's persistence in the I-SPY 2 trial for over 3 years without being eliminated from the trial is a key positive signal in light of the trial's unique adaptive design, which aims to eliminate weak agents and to retain strong ones.” Puma Biotechnology closed on Friday at $54.05.