Puma Biotechnology a likely acquisition target after data, says Citigroup


Citigroup raised its price target for Puma Biotechnology shares to $292 from $99 after the company announced positive Phase III data for its investigational breast cancer drug neratinib. Citi views Puma as a likely acquisition target saying the drug is likely to work in lung cancer and potentially other HER2mut cancers while the company has patent protection until 2030. The firm thinks Puma could be worth $291-$351 per share in a takeout scenario and keeps a Buy rating on the stock.

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