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Today’s Research Reports on Stocks to Watch: Valeant Pharmaceuticals and Puma Biotechnology

ACCESSWIRE

NEW YORK, NY / ACCESSWIRE / January 25, 2018 / It was a rough day of trading on Wednesday for biotech giants Valeant Pharmaceuticals and Puma Biotechnology. Valeant was given a "sell" rating by Goldman Sachs while Puma Biotechnology announced that it is unlikely the company will get European regulatory approval for its breast cancer therapy neratinib.

RDI Initiates Coverage on:

Valeant Pharmaceuticals International, Inc.
http://www.rdinvesting.com/report/?ticker=VRX

Puma Biotechnology, Inc.
http://www.rdinvesting.com/report/?ticker=PBYI

Valeant Pharmaceuticals International, Inc. shares closed down 10.85% on almost 33 million shares traded on Wednesday. Shares plummeted after firm Goldman Sachs initiated a "sell" rating on the stock. Goldman Sachs believes Valeant still has a lot of work to do despite CEO Joseph Papa having a successful year last year and reducing the company's debt by $6 billion. The firm gave the stock an $18 price target. It was earlier this month that a federal judge approved a $290 million settlement between Allergan shareholders and Pershing, Valeant. It was also this month that one of the company's subsidiaries had received approval by the Food & Drug Administration for its New Drug Application for its tretinoin acne lotion, with an approval date of August 27, 2018. If approved, the drug will be marketed as Altreno, and it will be the first tretinoin product in lotion form rather than a gel or cream.

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Access RDI's Valeant Pharmaceuticals International, Inc. Research Report at:
http://www.rdinvesting.com/report/?ticker=VRX

Puma Biotechnology, Inc. was one of the biggest losers on the NASDAQ on Wednesday, closing the day down 28.82%. The stock also slid to a low of $64.60 during intra-day trading after the company announced late Tuesday that neratinib, its breast cancer therapy, is not likely to receive regulatory approval in Europe without additional data. Shocked traders flocked into a panic yesterday sending shares down. It was roughly six months ago that the FDA approved the drug in the U.S. Analysts have cut their price targets on the stock including Chris Shibutani at Cowen's who cut his price target from $123 to $68. He cited that "the absence of a EU approval makes the M&A narrative more challenging." He also said, "Our lowered valuation outlook coupled with our sense that a sentinel aspect of the investment thesis for shares (has been, and especially in the current biopharma investment environment, continues to be) premised on the prospect of PBYI being acquired – contribute to our decision to downgrade shares."

Access RDI's Puma Biotechnology, Inc. Research Report at:
http://www.rdinvesting.com/report/?ticker=PBYI

Our Actionable Research on Valeant Pharmaceuticals International, Inc. (NYSE: VRX) and Puma Biotechnology, Inc. (NASDAQ: PBYI) can be downloaded free of charge at Research Driven Investing.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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SOURCE: RDInvesting.com