Puma Biotechnology Inc PBYI shares are trading higher by $6.60 at $88.55 in Monday's session. That's over double its closing price from May 19 at $37.80.
The catalyst for the latest leg of the rally is the announcement of positive PB272 Phase II data from TBCRC 022 trial for the treatment of metastatic breast cancer.
After a higher open, the stock continued in that direction before peaking at $92.00 and reversing course. That marks the highest level for the stock since mid-November 2015, when it peaked at $93.61.
So far, the ensuing rally has taken the stock to $87.13, which is well ahead of the top of Friday's range ($84.40) and is now attempting to remain in the $89.00 handle.
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