Here's Why Puma Biotechnology Tumbled Today
Shares of Puma Biotechnology (NASDAQ: PBYI) fell as much as 20.2% after the company disclosed through a filing with the Securities and Exchange Commission that Chief Commercial Officer Steven Lo will resign on Oct. 18 to become the CEO of an emerging pharmaceutical company. However, a departing executive isn't the real reason shares are tumbling.
In an unrelated move, Goldman Sachs analyst Paul Choi downgraded Puma Biotechnology stock from neutral to sell, changed the price target from $24 to $8 per share, cut his 2025 sales estimate by 25%, and reminded investors that Seattle Genetics (NASDAQ: SGEN) has a drug candidate that might compete well against Puma's Nerlynx, according to StreetInsider.com.
As of 11:08 a.m. EDT, Puma Biotechnology stock had settled to a 17.4% loss.
Source Fool.com
