Puma Biotechnology (NASDAQ:PBYI) Hits New 12-Month High - Here's What Happened

Key Points

• Puma Biotechnology shares hit a new 52-week high, trading around $9.90 after closing at $9.59, up 3.3%. The stock’s market capitalization is approximately $511.5 million.
• The company exceeded quarterly expectations, reporting earnings per share of $0.19 versus a $0.04 consensus and revenue of $56.5 million versus $53 million expected.
• Analyst sentiment remains mixed: the average rating is “Hold” with a $6.00 price target, while several institutional investors initiated positions. Company insiders sold 119,668 shares worth about $1.05 million over the past 90 days.

Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $9.81 and last traded at $9.9030, with a volume of 25761 shares traded. The stock had previously closed at $9.59.

Analyst Upgrades and Downgrades

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

Puma Biotechnology Trading Up 3.3%

The firm has a market cap of $511.50 million, a price-to-earnings ratio of 19.08 and a beta of 1.24. The firm's fifty day moving average price is $8.80 and its 200-day moving average price is $7.72.

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

Insider Buying and Selling at Puma Biotechnology

In other news, insider Douglas Hunt sold 8,460 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $8.26, for a total transaction of $69,879.60. Following the completion of the sale, the insider owned 196,841 shares in the company, valued at approximately $1,625,906.66. This represents a 4.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan Auerbach sold 44,058 shares of the company's 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 owned 7,261,671 shares of the company's stock, valued at $59,981,402.46. This trade represents a 0.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 119,668 shares of company stock valued at $1,046,107 over the last ninety days. 22.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PBYI. Spark Investment Management LLC purchased a new position in Puma Biotechnology during the 2nd quarter valued at about $138,000. Wellington Management Group LLP acquired a new position in Puma Biotechnology in the 2nd quarter valued at $1,023,000. Empowered Funds LLC purchased a new position in Puma Biotechnology during the second quarter worth about $1,787,000. Philadelphia Investment Partners LLC purchased a new position in Puma Biotechnology during the second quarter worth about $65,000. Finally, Bank of America Corp DE acquired a new stake in Puma Biotechnology in the 2nd quarter worth about $257,000. Hedge funds and other institutional investors own 61.29% of the company's stock.

Puma Biotechnology Company Profile

Puma Biotechnology, Inc is a biopharmaceutical company focused on developing and commercializing medicines for the treatment of cancer. The company's primary product is NERLYNX (neratinib), an oral tyrosine kinase inhibitor designed to target HER2 and other members of the human epidermal growth factor receptor family.

In the United States, NERLYNX is approved for the extended adjuvant treatment of adults with early-stage HER2-positive breast cancer following postoperative trastuzumab-based therapy.

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