Puma target cut by Stifel

Stifel lowered its price target on Puma Biotechnology (NASDAQ: PBYI) to $87.00 (from $95.00) while maintaining a Buy rating.

Analyst Alex Schwartz commented, “Yesterday Puma reported 1Q18 numbers that included $66.5 million in revenue and a $24.3 million net loss. Nerlynx revenues of $36.0 million were below our $42.1 million estimates but in-line with $36 million consensus estimates. As part of the release, management indicated they now expect NALA data during 4Q18/2019 (versus prior 2Q18 expectations) due to slower than expected event rate. As a result, we are pushing out our metastatic revenue estimates by a year. Accordingly, our target price decreases from $95 to $87. Despite our reduction in target price, we remain positive on the stock due to a reasonable chance at positive metastatic breast cancer data (NCCN already recommends Nerlynx to BC patients with brain metastases) and Nerlynx extended adjuvant EMA re-examination success.”

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