Puma Biotechnology upgraded to Buy after 40% selloff at Citi 06:29 PBYI Citi analyst Yigal Nochomovitz last night upgraded Puma Biotechnology to Buy from Neutral with an unchanged price target of $11. The stock is down ~40% since early June "absent a material change to our thesis," Nochomovitz tells investors in a research note. The analyst's price target reflects $7 per share for the commercial franchise with the remaining $4 attributable to a probability-adjusted royalty stream on Tagrisso sales based on two patents held by Puma. To get investors more positive on the launch, Puma will need to prove that the company's strategies for strengthening the Nerlynx brand perception and increasing adoption of dose-titration are translating into higher script volume, Nochomovitz tells investors in a research note. The analyst believes label expansion opportunities could provide upside not currently reflected in his target price.