Puma Biotechnology Gains After Rival Drug Data Show No Threat
5/20/2013 7:57:20 AM
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Puma Biotechnology Inc. (PBYI), the maker of an experimental cancer drug, had its biggest two-day gain in seven months after data on a competitor medicine did nothing to diminish analysts’ expectations. Puma gained 7.4 percent to $37.36 at 4:01 p.m. New York time, and has increased 17 percent in the last two days, the most since October. The shares of the Los Angeles-based biotechnology company have risen 99 percent this year. Puma will start late-stage testing in the second quarter of its experimental breast-cancer drug neratinib and also is studying the therapy in non-small cell lung cancer, the company said in a May 9 statement. Chief Executive Officer Alan H. Auerbach sold his previous company, Cougar Biotechnology Inc., for about $1 billion to Johnson & Johnson before gaining approval of a prostate cancer medicine.
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