Puma Biotechnology Inc Stock Price, News & Analysis

Puma Biotechnology, Inc. (NASDAQ: PBYI) reported a net income of $9.4 million for Q2 2022, an improvement from a net loss of $5.1 million in Q2 2021. Product revenue reached $51.3 million, up from $48.9 million year-over-year. However, total revenue for the first half of 2022 decreased to $105.3 million compared to $151.6 million in the same period of 2021. Operating expenses significantly reduced from $148.1 million to $94.0 million year-over-year. Cash and equivalents fell to $60.8 million from $82.1 million as of December 2021. Puma aims to enhance access to its cancer drug NERLYNX and plans to report further clinical trial data in H2 2022.

Puma Biotechnology, Inc. (NASDAQ: PBYI) will host a conference call on August 4, 2022, at 1:30 p.m. PDT to discuss its second quarter 2022 financial results. Access is available by dialing (877) 709-8150 domestically or (201) 689-8354 internationally. The call will also be webcast live on Puma's website, with a 90-day replay available post-event. The company focuses on developing innovative cancer care products, notably its approved drug NERLYNX® (neratinib), for treating HER2-positive breast cancer.

Puma Biotechnology, Inc. (NASDAQ: PBYI) announced on July 1, 2022, that its Compensation Committee granted inducement restricted stock unit awards for 30,875 shares to six new non-executive employees. The awards, part of the 2017 Employment Inducement Incentive Award Plan, vest over three years, with the first third vesting on July 1, 2023. These grants were made to incentivize new hires in compliance with Nasdaq Listing Rule 5635(c)(4). Puma is focused on developing innovative products for cancer care, with its primary product, NERLYNX® (neratinib), approved for specific breast cancer treatments.

Puma Biotechnology, Inc. (NASDAQ: PBYI) announced on June 3, 2022, the granting of inducement restricted stock unit awards covering 38,125 shares to six new non-executive employees. These awards, part of the 2017 Employment Inducement Incentive Award Plan, vest over three years. One-third will vest on the first anniversary of the June 1, 2022, commencement date, with subsequent vesting every six months. This inducement is compliant with Nasdaq Listing Rule 5635(c)(4). Puma is focused on innovative cancer care products, including NERLYNX, approved for HER2-positive breast cancer treatment.

Puma Biotechnology (NASDAQ: PBYI) presented Phase II SUMMIT trial results at ASCO, highlighting the efficacy of neratinib, fulvestrant, and trastuzumab in hormone receptor-positive, HER2-negative, HER2-mutant metastatic breast cancer. The trial showed a 35.3% objective response rate and 41.7% clinical benefit rate among patients previously treated with CDK4/6 inhibitors. The combination therapy led to a median progression-free survival of 8.2 months, indicating its potential for durable responses across various HER2 mutations.

Puma Biotechnology, Inc. (NASDAQ: PBYI) presented final results from the Phase II SUMMIT ‘basket’ trial for neratinib at the 2022 ASCO Annual Meeting. The trial focused on treatment-refractory patients with metastatic biliary tract cancers harboring somatic HER2 mutations. Out of 25 patients, the overall response rate was 16%, with a median progression-free survival of 2.8 months and overall survival of 5.4 months. Diarrhea was the most common toxicity observed (56%). While neratinib shows potential, further studies are needed for improved treatment strategies.

Puma Biotechnology, Inc. (NASDAQ: PBYI) announced the presentation of two abstracts on neratinib at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting, scheduled for June 3-7, 2022, in Chicago, Illinois. The abstracts focus on targeting HER2 mutation-positive advanced biliary tract cancers and the combination therapy of neratinib for hormone receptor-positive, HER2-negative metastatic breast cancer. Full details of the abstracts are accessible on the ASCO website and will be available on Puma's site post-presentation.

Puma Biotechnology, Inc. (NASDAQ: PBYI) announced the grant of inducement restricted stock unit awards for 14,500 shares to three new non-executive employees on May 9, 2022. The awards are part of Puma’s 2017 Employment Inducement Incentive Award Plan, designed to encourage new hires. Vesting occurs over three years, beginning on May 1, 2022. Puma develops innovative cancer care products and is known for its oral medication NERLYNX® (neratinib), approved for treating HER2-positive breast cancer.

Puma Biotechnology, Inc. (NASDAQ: PBYI) reported Q1 2022 financial results, showing a product revenue decrease to $40.7 million from $45.8 million in Q1 2021. The company posted a net loss of $3.4 million, compared to net income of $16.5 million in the same period last year. Total revenue fell to $45.7 million, down from $98.2 million, with significant reductions in operating costs to $46.4 million. Cash, cash equivalents, and marketable securities decreased to $73.9 million. Puma anticipates key milestones in 2022, including Phase II data from clinical trials and discussions with the FDA regarding neratinib.