On January 12, Puma Biotechnology Inc. (PBYI) announced that the NCCN Clinical Practice Guideline for the treatment of breast cancer has been updated. The update now includes the company’s NERLYNX®. Consequently, the stock rose in the premarket by 12.60% at the last check on Thursday.
In the previous trading session, PBYI stock traded in the red with a loss of 4.38% at its close of $2.62. Following the news, the stock was trading at $2.96 per share in the premarket at the time of writing.
Founded in 2010, the biopharmaceutical company, Puma Biotechnology Inc. has a market capitalization of $112.03 million. In the past five days, the 40.89 million outstanding shares of PBYI have lost 5.07% and 13.82% year to date. Further, the stock declined by 76.18% last year.
PBYI’s Recent Announcement
As per Wednesday’s announcement, the National Comprehensive Cancer Network (NCCN) Clinical Practice Guidelines in Oncology have been updated. The NCCN Guideline for the treatment of breast cancer now includes two changes related to PBYI’s NERLYNX® (neratinib). Moreover, the NCCN® is patient care, research, and an education-devoted not-for-profit alliance of leading cancer centers. The NCCN Guidelines provide recommendations for the prevention, treatment, and supportive services of cancer. These transparent recommendations are based on evidence and expert consensus.
Firstly, NERLYNX has been added to the guideline for treating adjuvant HER2-positive Breast Cancer in patients with a high risk of recurrence. Further, the heading of this addition is “Useful in Certain Circumstances”.
Secondly, a dose-escalation approach for improving the tolerability of neratinib in adjuvant HER2-positive Breast Cancer treatment has been added.
Corporate Presentation
On January 10, the company’s CEO and President, Alan H. Auerbach presented at the virtual H.C. Wainwright BioConnect Conference. Along with corporate updates, Mr. Auerbach also provided preliminary estimates of the sales of NERLYNX in Q4 of 2021. According to the estimates in the fourth quarter of 2021, PBYI sold 3,454 bottles of NERLYNX in the U.S.
PBYI’s Q3 Earnings Report
On November 04, the company declared its financial results for the third quarter of 2021.
According to the results, in the third quarter of 2021, PBYI’s net product revenue was $43.4 million. Comparatively, the same was $49.3 million in the third quarter of 2020.
Furthermore, the company incurred a non-GAAP net loss of $40.4 million in Q3 of 2021, against $23.9 million in Q3 of 2020. Resultantly, the non-GAAP net loss per share was $0.99 and $0.60 in the third quarter of 2021 and 2020, respectively.
