Puma Biotech Falls 20%, But Starts To Recover

Puma Biotechnology Inc PBYI shares are trading lower by $4.20 (9 percent) at $33.85 in Thursday's session.

Investors are exiting the issue following the announcement that the company plans to modify the summary of product characteristics (SmPC) in its European Marketing Authorization Application (MAA) for its breast cancer drug Neratinib.

See Also: Puma Shares Plunge On Plans To Modify Neratinib European MAA, Competitor Roche's Perjeta Win

The once high-flying biotech issue peaked in August 2014 at $279.67 and has been a serial underperformer in the roaring bull market.

After a much lower open, it dropped another nickel to $28.95 before a short-covering and perhaps new longs came into the issue. That marks the lowest level for the issue since July 2016, when it bottomed at $28.14.

So far, the rebound rally has taken Puma Biotech to $34.77.