Why Puma Biotechnology (PBYI) Stock Is SpikingToday?

NEW YORK (TheStreet) -- Puma Biotechnology (PBYI) shares are up 290% to $232 in trading on Wednesday after the company reported positive top-line results from the Phase 3 trial of its neratinib breast cancer treatment.

Analysts at Citigroup (C) are speculating that the company is now a takeover target after Puma reported that patients who received the drug treatment showed a 33% improvement in disease-free survival rates versus a placebo.

Puma's stock price has more than tripled since its $59.03 closing price on Tuesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

PBYI ChartPBYI data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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