Puma Biotechnology Inc
NYSE: PBYI
Puma Shares Fall On Disappointing Data
Puma Biotechnology shares are down over 25% in after hours trading after the company released data from it’s Breast Cancer trials. The company released 4 abstracts from the trials of it’s Breast Cancer clinical trials including Abstract #508, Abstract #610, Abstract #1085, and Abstract #1099. All abstracts have been published on the American Society of Clinical Oncology website: ( http://www.abstract.asco.org/156/IndexView_156.html ). Investors reacted negatively to the release as shares began plummeting after hours. In two of the abstracts the company stated a need for further studies to confirm initial findings. The closing price of the stock was $210 and shares fell as low as $146.00 in after hours trading. Shares rebounded 20% off the lows before resuming the sell off. At 6pm in New York shares had stabilized at $159 per share, over 20% off the close. PBYI was initiated with an Out Perform rating by RBC Capital on January 23rd, 2015.
Investor Meeting
Puma will be hosting an investor meeting on June 1st. The company will also be presenting at the American Society of Clinical Oncology Annual Meeting that is taking place from May 29th – June 2nd, 2015.
About Puma Biotechnology
Puma Biotechology, based in Los Angeles, CA, focuses on “in-licensing innovative drug candidates that are undergoing or have already completed initial clinical testing for the treatment of various forms of cancer and then seek to further develop these drug candidates for commercial use“. They have 120 full time employees. You can learn more about the company by visiting their website www.pumabiotechology.com. PBYI has a market cap of $6 billion but an outstanding float of just 22 million shares. The relatively low float means there are very few shares available for trading on the open market.
