Can shares of Puma Biotechnology rebound?
That's one of the big questions on the minds of investors heading into the year's biggest cancer research event, the American Society of Clinical Oncology meeting, which kicks off Friday in Chicago.
Puma's shares sank earlier this month on an initial data release for its breast cancer drug, neratinib, ahead of the meeting. The results fell short of analysts' and investors' expectations, and weighed not only on the stock price but also on the company's potential prospects for a sale. Puma is likely hoping to change investors' minds about the drug's prospects.
Separately, investors also will be intensely focused on immunotherapies—drugs that harness the immune system to fight cancer—from Bristol-Myers, Merck, AstraZeneca, Roche and others as well as on a number of targeted therapies for lung, breast and other cancers.
RBC Capital Markets analyst Simos Simeonidis said he sees the potential for a rebound in Puma shares coming out of ASCO.