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Posted by
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Puma Biotechnology +$170 (Why can't I own something like this)
Posted by Lsut81 on 7/24/14 at 6:32 am00
Up 288% or $170....
and boy, did Pfizer screw the pooch
LINK
quote:
Biotech stocks are not for the faint of heart by any stretch of the imagination. Puma Biotechnology (NYSE: PBYI ) has repeatedly shown the investing world why this is the case, and today's 200% plus movement upward should drive this point home.
and boy, did Pfizer screw the pooch
quote:
Pfizer turns pessimistic, makes a stunningly bad business decision
The investing community was apparently not alone in thinking that neratinib's commercial potential was overblown. Pfizer this week amended its licensing agreement with Puma for neratinib, pushing the bulk of clinical trial expenses onto Puma and giving up a nice chunk of potential royalty payments in the process.
Per the new agreement, Puma is now responsible for funding the ongoing legacy trials for neratinib, which will substantially increase the company's expenses moving forward. By the same token, Pfizer is now only entitled to a percentage of royalties on net sales in the low to mid teens (previously up to 20%).
Puma has the last laugh
Almost immediately after announcing this amended agreement, Puma on Tuesday released top-line data from a late-stage study for neratinib as a treatment for HER2-positive breast cancer. According to the release, patients receiving neratinib showed a whopping 33% increase in disease-free survival, or DFS, compared to placebo. The company plans on filing for regulatory approval in early 2015.
Neratinib would enter a market that already sports a megablockbuster in Roche's Herceptin. Although neratinib's exact role in the clinic for early stage HER2-positive breast cancer patients remains to be seen, the drug's path toward blockbuster status certainly became a lot easier after Puma posted these strong trial results.
LINK
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