ASCO data shows 'challenges' to Puma's neratinib Citigroup believes data presented over the weekend at ASCO showed 'some challenges' to Puma Biotechnology's (PBYI) neratinib. Citi says the failed ALLTO trail announced by GlaxoSmithKline (GSK) shows how difficult it is to show a benefit in the adjuvant setting. Citi added that its cautious on the outcome for neratinib is the adjuvant ExteNET setting. Shares of Puma are down 17% to $63.70 in early trading. Citi keeps a Buy rating on the stock with a $123 price target.
GlaxoSmithKline downgraded to Underperform from Neutral at BofA/Merrill BofA/Merrill downgraded GlaxoSmithKline to Underperform citing a lack of pipeline catalysts and its belief the European pharma sector is close to fair value.