3,804,736 Shares in Puma Biotechnology, Inc. $PBYI Bought by BlackRock Inc.

Key Points

• BlackRock acquired 3.8 million shares of Puma Biotechnology in the second quarter, valued at approximately $30.9 million and representing a 7.47% stake.
• Institutional investors collectively own 61.29% of PBYI, while several firms—including Invesco and AQR Capital Management—also increased their positions.
• Puma reported quarterly EPS of $0.19, exceeding the $0.04 consensus estimate, and revenue of $56.5 million. Despite the earnings beat, analysts maintain a consensus “Hold” rating with a $6.00 price target, while insiders sold roughly $1.0 million in stock over the past 90 days.

BlackRock Inc. bought a new stake in Puma Biotechnology, Inc. (NASDAQ:PBYI - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,804,736 shares of the biopharmaceutical company's stock, valued at approximately $30,856,000. BlackRock Inc. owned 7.47% of Puma Biotechnology as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in PBYI. Invesco Ltd. lifted its stake in shares of Puma Biotechnology by 88.9% in the 1st quarter. Invesco Ltd. now owns 37,631 shares of the biopharmaceutical company's stock worth $111,000 after purchasing an additional 17,707 shares during the period. Royal Bank of Canada grew its position in Puma Biotechnology by 3.8% during 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 during the period. AQR Capital Management LLC grew its position in Puma Biotechnology by 366.5% during the first quarter. AQR Capital Management LLC now owns 50,458 shares of the biopharmaceutical company's stock valued at $149,000 after buying an additional 39,641 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Puma Biotechnology during the first quarter valued at approximately $66,000. Finally, Geode Capital Management LLC increased its holdings in Puma Biotechnology by 1.7% during the second quarter. Geode Capital Management LLC now owns 971,674 shares of the biopharmaceutical company's stock valued at $3,333,000 after buying an additional 16,218 shares during the last quarter. 61.29% of the stock is currently owned by institutional investors.

Puma Biotechnology Trading Up 2.6%

Puma Biotechnology stock opened at $9.35 on Wednesday. Puma Biotechnology, Inc. has a 12-month low of $4.30 and a 12-month high of $9.59. The firm has a market capitalization of $482.65 million, a price-to-earnings ratio of 17.98 and a beta of 1.24. The firm has a 50 day moving average of $8.43 and a 200 day moving average of $7.47.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.15. The business had revenue of $56.50 million for the quarter, compared to the consensus estimate of $53.00 million. Puma Biotechnology had a net margin of 11.50% and a return on equity of 20.76%. On average, analysts predict that Puma Biotechnology, Inc. will post 0.31 EPS for the current year.

Insider Activity at Puma Biotechnology

In other Puma Biotechnology news, Director Troy Edward Wilson sold 10,800 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $7.20, for a total transaction of $77,760.00. Following the sale, the director directly owned 59,750 shares of the company's stock, valued at $430,200. This trade represents a 15.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Adrian Senderowicz sold 27,000 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $7.20, for a total value of $194,400.00. Following the completion of the transaction, the director owned 27,000 shares in the company, valued at $194,400. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 132,028 shares of company stock worth $1,006,711 in the last 90 days. Company insiders own 22.20% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PBYI. Wall Street Zen upgraded shares of Puma Biotechnology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 15th. Weiss Ratings upgraded Puma Biotechnology from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Finally, TD Cowen raised their target price on Puma Biotechnology from $5.00 to $6.00 and gave the stock a "hold" rating in a report on Friday, August 7th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Puma Biotechnology currently has an average rating of "Hold" and a consensus target price of $6.00.

About Puma Biotechnology

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.

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