Puma Biotechnology Inc (NYSE:PBYI) Shares Jump 17.22% Eyeing Further Upside?

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Puma Biotechnology Inc (NYSE:PBYI) shares rose 17.22% on Friday to $26.21 as 1.75 million shares traded hands compared to an average trading volume of  778,890 shares.

Puma Biotechnology Inc (NYSE:PBYI) reported its quarterly earnings data earlier in the week, showing a loss of $1.28 per share versus expectations of a $1.99 loss. Even so, share prices are still hovering at the bottom of its 52-week range from $19.74 to $201.49.

Puma Biotechnology Inc (NYSE:PBYI) is biopharmaceutical company that focuses on the development and commercialization of products for the treatment of cancer, particularly  on in-licensing the global development and commercialization rights to over three drug candidates. Company shares are down 17.97% for the month and 66.57% lower year-to-date.

Still, CEO Alan H. Auerbach highlighted the company’s milestones for the period during the earnings conference call. “Our near term focus is on the filing of our regulatory submissions with the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) for neratinib for the extended adjuvant treatment of HER2-positive early stage breast cancer, which we anticipate will occur in mid-2016 and the second quarter of 2016, respectively,” he added. “We look forward to continuing our development of neratinib during 2016.”

Neratinib is a potent irreversible tyrosine kinase inhibitor (TKI) that blocks signal transduction through the epidermal growth factor receptors (EGFRs), HER1, HER2 and HER4. Its PB272 oral variation is being developed for the treatment of patients with human epidermal growth factor receptor type 2 (HER2), positive breast cancer, and patients with non-small cell lung cancer, breast cancer and other solid tumors that have a HER2 mutation. Meanwhile neratinib or PB272 intravenous is being developed for the treatment of patients with advanced cancer.

Puma Biotechnology Inc (NYSE:PBYI) research and development expenses for the first quarter rose to $60.2 million from the $44.7 million in the same quarter a year ago. The company expects R&D expenses to decrease in subsequent quarters  upon completion of clinical trials and filing of regulatory approvals for neratinib in the US and Europe.

 

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