Puma Biotechnology (NASDAQ:PBYI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Puma Biotechnology (NASDAQ:PBYI) from a buy rating to a strong-buy rating in a report published on Saturday.

PBYI has been the subject of a number of other reports. TD Cowen boosted their price target on shares of Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Puma Biotechnology in a report on Friday, August 7th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $6.00.

Puma Biotechnology Trading Down 0.1%

PBYI stock opened at $8.82 on Friday. The stock has a market cap of $455.29 million, a P/E ratio of 16.96 and a beta of 1.22. Puma Biotechnology has a twelve month low of $4.30 and a twelve month high of $9.40. The company’s 50 day moving average is $8.02 and its two-hundred day moving average is $7.28.

Puma Biotechnology (NASDAQ:PBYI) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.15. The business had revenue of $56.50 million during the quarter, compared to analysts’ expectations of $53.00 million. Puma Biotechnology had a net margin of 11.50% and a return on equity of 20.76%. On average, equities research analysts predict that Puma Biotechnology will post 0.33 earnings per share for the current year.

Insider Transactions at Puma Biotechnology

In related news, CEO Alan H. Auerbach sold 44,058 shares of Puma Biotechnology stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $8.26, for a total value of $363,919.08. Following the sale, the chief executive officer directly owned 7,261,671 shares in the company, valued at $59,981,402.46. The trade was a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jay M. Moyes sold 22,000 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $7.22, for a total value of $158,840.00. Following the transaction, the director directly owned 58,322 shares in the company, valued at $421,084.84. This represents a 27.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 132,028 shares of company stock valued at $1,006,711. 22.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Puma Biotechnology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. boosted its holdings in Puma Biotechnology by 88.9% during the first quarter. Invesco Ltd. now owns 37,631 shares of the biopharmaceutical company’s stock worth $111,000 after buying an additional 17,707 shares in the last quarter. Royal Bank of Canada increased its holdings in Puma Biotechnology by 3.8% in the first quarter. Royal Bank of Canada now owns 85,999 shares of the biopharmaceutical company’s stock valued at $254,000 after buying an additional 3,117 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Puma Biotechnology by 366.5% during the 1st quarter. AQR Capital Management LLC now owns 50,458 shares of the biopharmaceutical company’s stock valued at $149,000 after acquiring an additional 39,641 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Puma Biotechnology during the 1st quarter valued at approximately $66,000. Finally, Geode Capital Management LLC boosted its stake in shares of Puma Biotechnology by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 971,674 shares of the biopharmaceutical company’s stock worth $3,333,000 after acquiring an additional 16,218 shares in the last quarter. 61.29% of the stock is owned by institutional investors and hedge funds.

Puma Biotechnology Company Profile

Puma Biotechnology, Inc is a late‐stage biopharmaceutical company dedicated to the development and commercialization of targeted therapies for oncology patients. Founded in 2010 and headquartered in Los Angeles, California, the company focuses on advancing molecularly defined cancer treatments that address significant unmet medical needs.

The company’s lead product is neratinib, marketed under the brand name Nerlynx in the United States. Neratinib is an irreversible small‐molecule tyrosine kinase inhibitor designed to target the HER2 receptor, and it received FDA approval in 2017 for extended adjuvant treatment of early‐stage HER2-positive breast cancer.