Puma Biotech Shares Plummet On Drug Application Delay

Shares of start-up drug maker Puma Biotechnology Inc. dropped by more than $40 apiece after the close Tuesday on word the company will delay plans for filing a new-drug application for a breast cancer treatment it is developing. Puma shares fell more than 18% to $184.50 in recent post-session trades after announcing its PB272 drug application will be pushed back from the first half of 2015 to the first quarter of 2016. Puma said in a press release it now will apply to use the drug to treat early-stage breast cancer instead of breast cancer that has already spread.