Here's Why Puma Biotechnology Fell 24.1% in July
Shares of Puma Biotechnology (NASDAQ: PBYI) continued their dismal year-to-date performance by slipping over 24% last month, according to data provided by S&P Global Market Intelligence. The pharma company didn't announce any company-specific news, but investors were eager to hedge their bets ahead of the second-quarter 2019 earnings release. That's understandable after seeing the first-quarter performance.
The business reported a worrisome trend in patients discontinuing treatment of its lone drug product, Nerlynx, in the first three months of the year. The amount of churn, coupled with a relatively small survival benefit and high cost of treatment, made Wall Street question the drug's long-term growth potential.
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