Puma Biotechnology Is Down 19% -- Is Its Stock a Bargain?
Despite a fairly strong third-quarter earnings release that hit the wires after the bell Thursday, mid-cap biotech Puma Biotechnology's (NASDAQ: PBYI) shares got pummeled today. Specifically, Puma's stock ended the day down 19% on almost eight times the average daily volume. While this dramatic downturn lacked a clear-cut catalyst, one possible explanation is the relatively anemic commercial outlook for the biotech's one and only Food and Drug Administration (FDA)-approved drug, Nerlynx.
Nerlynx was initially launched last July after grabbing an approval as a treatment for early stage HER2-positive breast cancer following adjuvant trastuzumab-based therapy. According to Puma's third-quarter earnings release, Nerlynx generated $6.1 million in sales for the three-month period.
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Source: Fool.com
