Globeflex Capital L P Invests $3.10 Million in Puma Biotechnology, Inc. $PBYI

Key Points

• Globeflex Capital purchased 382,807 shares of Puma Biotechnology worth approximately $3.1 million, representing a 0.74% stake. Institutional investors collectively own 61.29% of the company.
• Puma Biotechnology exceeded quarterly expectations, reporting $0.19 in earnings per share versus the $0.04 consensus estimate and revenue of $56.5 million versus $53 million expected.
• The stock opened at $9.24, near its 52-week high of $9.51, despite analysts maintaining a consensus “Hold” rating with an average price target of $6.00. Insiders sold 132,028 shares worth about $1.01 million during the latest quarter.

Globeflex Capital L P purchased a new stake in shares of Puma Biotechnology, Inc. (NASDAQ:PBYI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 382,807 shares of the biopharmaceutical company's stock, valued at approximately $3,105,000. Globeflex Capital L P owned 0.74% of Puma Biotechnology as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in PBYI. Barclays PLC raised its holdings in Puma Biotechnology by 1.9% during the 4th quarter. Barclays PLC now owns 81,434 shares of the biopharmaceutical company's stock worth $485,000 after purchasing an additional 1,553 shares during the last quarter. Cerity Partners LLC grew its position in shares of Puma Biotechnology by 18.2% during the 4th quarter. Cerity Partners LLC now owns 12,072 shares of the biopharmaceutical company's stock worth $72,000 after buying an additional 1,862 shares during the period. BNP Paribas Financial Markets grew its position in shares of Puma Biotechnology by 39.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 8,056 shares of the biopharmaceutical company's stock worth $43,000 after buying an additional 2,290 shares during the period. Kathmere Capital Management LLC raised its stake in shares of Puma Biotechnology by 9.8% during the first quarter. Kathmere Capital Management LLC now owns 29,779 shares of the biopharmaceutical company's stock worth $190,000 after buying an additional 2,648 shares during the last quarter. Finally, Baron Wealth Management LLC lifted its holdings in Puma Biotechnology by 8.2% in the first quarter. Baron Wealth Management LLC now owns 38,278 shares of the biopharmaceutical company's stock valued at $245,000 after buying an additional 2,886 shares during the period. Institutional investors own 61.29% of the company's stock.

Puma Biotechnology Price Performance

Puma Biotechnology stock opened at $9.24 on Monday. The firm has a market capitalization of $476.97 million, a price-to-earnings ratio of 17.77 and a beta of 1.22. The company's 50 day simple moving average is $8.19 and its 200 day simple moving average is $7.35. Puma Biotechnology, Inc. has a fifty-two week low of $4.30 and a fifty-two week high of $9.51.

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Puma Biotechnology news, Director Jay M. Moyes sold 22,000 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $7.22, for a total value of $158,840.00. Following the completion of the transaction, the director directly owned 58,322 shares of the company's stock, valued at approximately $421,084.84. The trade was a 27.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Allison Dorval sold 11,610 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 value of $83,592.00. Following the completion of the sale, the director owned 90,780 shares of the company's stock, valued at $653,616. This trade represents a 11.34% 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. In the last quarter, insiders sold 132,028 shares of company stock valued at $1,006,711. Company insiders own 22.20% of the company's stock.

Puma Biotechnology 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.

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