Bank of New York Mellon Corp Takes $2.93 Million Position in Puma Biotechnology, Inc. $PBYI

Key Points

• Bank of New York Mellon initiated a 360,734-share position in Puma Biotechnology valued at approximately $2.93 million, representing 0.71% of the company. Institutional investors collectively own 61.29% of PBYI.
• Puma reported quarterly EPS of $0.19, beating the $0.04 consensus estimate, while revenue of $56.5 million exceeded expectations of $53 million. The company posted an 11.5% net margin and analysts forecast full-year EPS of $0.37.
• PBYI shares opened at $9.55, near their 52-week high of $9.73, although analysts maintain an average “Hold” rating with a $6.00 price target; insiders have sold roughly $1.01 million in stock over the past 90 days.

Bank of New York Mellon Corp bought a new stake in shares of Puma Biotechnology, Inc. (NASDAQ:PBYI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 360,734 shares of the biopharmaceutical company's stock, valued at approximately $2,926,000. Bank of New York Mellon Corp owned 0.71% of Puma Biotechnology at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. State of Wyoming bought a new position in shares of Puma Biotechnology in the second quarter worth approximately $323,000. One Wealth Advisors LLC purchased a new stake in Puma Biotechnology during the 2nd quarter valued at $171,000. Royal Bank of Canada grew its holdings in Puma Biotechnology by 244.5% in the 1st quarter. Royal Bank of Canada now owns 4,320 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 3,066 shares during the last quarter. Empowered Funds LLC increased its position in shares of Puma Biotechnology by 9.6% in the first quarter. Empowered Funds LLC now owns 204,041 shares of the biopharmaceutical company's stock valued at $1,304,000 after acquiring an additional 17,856 shares during the period. Finally, Sei Investments Co. raised its stake in shares of Puma Biotechnology by 18.2% during the first quarter. Sei Investments Co. now owns 508,182 shares of the biopharmaceutical company's stock valued at $3,247,000 after acquiring an additional 78,257 shares during the last quarter. 61.29% of the stock is currently owned by institutional investors.

Puma Biotechnology Stock Performance

Puma Biotechnology stock opened at $9.55 on Monday. Puma Biotechnology, Inc. has a fifty-two week low of $4.30 and a fifty-two week high of $9.73. The stock's 50 day simple moving average is $8.53 and its two-hundred day simple moving average is $7.53. The stock has a market cap of $492.97 million, a price-to-earnings ratio of 18.37 and a beta of 1.24.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.15. Puma Biotechnology had a return on equity of 20.76% and a net margin of 11.50%.The firm had revenue of $56.50 million during the quarter, compared to analyst estimates of $53.00 million. On average, analysts predict that Puma Biotechnology, Inc. will post 0.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Allison Dorval sold 11,610 shares of the company'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 $83,592.00. Following the sale, the director directly owned 90,780 shares of the company's stock, valued at $653,616. This represents a 11.34% decrease in their position. The transaction was disclosed in a 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 Troy Wilson sold 10,800 shares of the 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 completion of the transaction, the director owned 59,750 shares of the company's stock, valued at approximately $430,200. The trade was a 15.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 132,028 shares of company stock valued at $1,006,711 in the last 90 days. Corporate insiders own 22.20% of the company's stock.

Analyst Upgrades and Downgrades

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