NEW YORK (TheStreet) -- Can shares of Puma Biotechnology (PBYI) rebound? That's one of the big questions on the minds of investors at the year's biggest cancer research event, the American Society of Clinical Oncology meeting, which began Friday in Chicago.
Puma's shares sank earlier this month on an initial data release for its breast cancer drug, neratinib, ahead of the meeting. The results fell short of analysts' and investors' expectations, and weighed not only on the stock price but also on the company's potential prospects for a sale. Puma is likely hoping to change investors' minds about the drug's prospects.
Others at the conference were intensely focused on immunotherapies -- drugs that harness the immune system to fight cancer -- from Bristol-Myers Squibb (BMY), Merck (MRK), AstraZeneca (AZN), Roche (RHHBY) and others, as well as on a number of targeted therapies for lung, breast and other cancers.
RBC Capital Markets analyst Simos Simeonidis said he sees the potential for a rebound in Puma shares coming out of ASCO. "We reiterate our view that neratinib's phase 3 ExteNET data were positive and misread by many in the market following release of the ASCO abstracts two weeks ago," Simeonidis wrote in a May 27 research note, referring to the name of Puma's clinical trial. "We continue to expect that the full data presentation and Puma's investor meeting will help clarify the data."
Full results will be presented Monday at ASCO, while Puma will host an investor meeting that evening.
Puma Biotechnology was turning away some investors and at least one analyst from a company event scheduled for Monday, citing a lack of space at the hotel ballroom. As an alternative, Puma is offering a webcast of the event.
Since the selloff, Puma's stock price has risen 17% to trade above $200 as recently as last week, although in morning trading Monday the stock is down 4.2% to the $187 range.