Puma Biotechnology, Inc.PBYI reported third-quarter 2015 loss of $1.87 per share, wider than both the Zacks Consensus Estimate of a loss of $1.70 and the year-ago loss of $1.19 per share.
With no approved product in its portfolio, the company does not generate revenues yet.
In the third quarter of 2015, research and development expenses were $51.9 million, up 61.7% from the year-ago quarter. General and administrative expenses were up 125.6% year over year to $8.8 million.
Puma has made significant progress on its lead pipeline candidate, PB272. Studies showed that extended adjuvant treatment with PB272 following adjuvant treatment with Roche's RHHBY Herceptin (trastuzumab) in women with early-stage HER2 positive breast cancer reduced the risk of disease recurrence. The company plans to file a new drug application for PB272 for the extended adjuvant setting in the first quarter of 2016.
Apart from HER2-positive breast cancer, PB272 is being evaluated for HER2-mutated non-small cell lung cancer, HER2-negative breast cancer that has a HER2 mutation, and other solid tumors that have a HER2 mutation. The company is also developing an intravenous formulation of PB272 for the treatment of patients with advanced cancer.
Currently, Puma Biotech carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Anika Therapeutics Inc. ANIK and Baxalta Incorporated BXLT . Both Anika and Baxalta sport Zacks Rank #1 (Strong Buy).
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