Why Puma Biotechnology Shares Dropped 17.7% This Week
Puma Biotechnology (NASDAQ: PBYI), a biopharmaceutical company that specializes in oncology therapies, saw its shares drop as much as 17.7% this week, according to data from S&P Global Intelligence.
The stock closed at $3.10, then opened on Monday at that same price. The stock hit a low of $2.55 on Thursday. It has a 52-week low of $1.60 and a 52-week high of $7.73. Overall, its shares are down 13% this year despite a rise of more than 32% in the past three months.
It was a bad week for stocks in general, and as a relatively small biotech with a market cap of $122.09 million, Puma's stock is more likely to be volatile. The company has only one commercial product, Nerlynx, to treat breast cancer. The stock is coming off a stronger-than-expected second quarter, for which it posted revenue of $51.3 million, up from $48.9 million in the same quarter in 2021. The company also reported earnings per share (EPS) of $0.21, compared to an EPS loss of $0.13 in the second quarter of 2021.
Source Fool.com
