Puma Biotech's $150 Million Stock Offering May Signal to Investors That Its Breast Cancer Drug is in Trouble
The bankers at Citigroup and J.P. Morgan must have been advising Puma Biotechnology (PBYI) and its CEO Alan Auerbach to pull the proposed stock offering. Investor demand was simply not there to close the $150 million deal at a reasonable price. On Wednesday afternoon, as Citi and J.P. Morgan bankers worked the phones, Puma shares were plunging almost 20%.
But Auerbach ignored the advice.
But Auerbach ignored the advice.