Puma Biotechnology (NASDAQ:PBYI) Director Michael Patrick Miller Sells 15,000 Shares of Company Stock

Key Points

• Director Michael Patrick Miller sold 15,000 Puma Biotechnology shares on November 11 at an average price of $8.10, for $121,500. His remaining direct stake was 66,000 shares, an 18.52% decrease in ownership.
• Puma reported quarterly EPS of $0.15, beating the $0.09 analyst consensus, while revenue of $55.06 million fell short of the $57.50 million estimate.
• PBYI shares traded at $7.77 in Friday’s session. Analysts’ average rating was Hold, with an average price target of $6.00.

Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report) Director Michael Miller sold 15,000 shares of Puma Biotechnology stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $8.10, for a total value of $121,500.00. Following the transaction, the director directly owned 66,000 shares of the company's stock, valued at approximately $534,600. This represents a 18.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Puma Biotechnology Price Performance

PBYI traded down $0.31 during trading on Friday, reaching $7.77. 403,672 shares of the stock were exchanged, compared to its average volume of 469,587. The business's 50 day moving average price is $9.75 and its two-hundred day moving average price is $8.02. The company has a market capitalization of $401.71 million, a price-to-earnings ratio of 16.89 and a beta of 1.40. Puma Biotechnology, Inc. has a 1 year low of $4.76 and a 1 year high of $11.50.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The biopharmaceutical company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.06. Puma Biotechnology had a return on equity of 17.50% and a net margin of 10.26%. The business had revenue of $55.06 million during the quarter, compared to analysts' expectations of $57.50 million. On average, analysts anticipate that Puma Biotechnology, Inc. will post 0.37 EPS for the current year.

Hedge Funds Weigh In On Puma Biotechnology

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Puma Biotechnology during the second quarter valued at $30,856,000. Dimensional Fund Advisors LP increased its position in Puma Biotechnology by 7.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,436,106 shares of the biopharmaceutical company's stock worth $9,175,000 after purchasing an additional 96,503 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Puma Biotechnology during the 2nd quarter worth about $5,214,000. Empowered Funds LLC increased its position in Puma Biotechnology by 135.5% during the 3rd quarter. Empowered Funds LLC now owns 518,809 shares of the biopharmaceutical company's stock worth $5,152,000 after purchasing an additional 298,493 shares in the last quarter. Finally, Sei Investments Co. raised its stake in Puma Biotechnology by 18.2% in the 1st quarter. Sei Investments Co. now owns 508,182 shares of the biopharmaceutical company's stock valued at $3,247,000 after purchasing an additional 78,257 shares during the last quarter. 61.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PBYI has been the subject of several recent research reports. TD Cowen raised their target price on shares of Puma Biotechnology from $5.00 to $6.00 and gave the company a "hold" rating in a report on Friday, August 7th. Weiss Ratings cut shares of Puma Biotechnology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday. Finally, Wall Street Zen raised shares of Puma Biotechnology from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 15th. Two investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $6.00.

About Puma Biotechnology

Puma Biotechnology is a biopharmaceutical company focused on developing and commercializing medicines for cancer treatment. Its work centers on targeted therapies, particularly treatments for breast cancer. The company's principal product is Nerlynx (neratinib), an oral HER2-targeted medicine. In the United States, it is approved for certain patients with early-stage HER2-positive breast cancer following trastuzumab-based treatment, and for some patients with advanced or metastatic HER2-positive breast cancer in combination with capecitabine.

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