Puma Biotechnology (NASDAQ:PBYI) Reaches New 12-Month High - Here's Why

Key Points

• Puma Biotechnology shares reached a new 52-week high, trading as high as $10.84 and recently at $10.76, above its 50-day and 200-day moving averages.
• The company reported stronger-than-expected quarterly results, with earnings of $0.19 per share versus the $0.04 consensus estimate and revenue of $56.5 million versus $53 million expected.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $6.00, while insiders own 22.2% of shares and institutional investors hold 61.29%; two directors recently sold shares under pre-arranged trading plans.

Shares of Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report) hit a new 52-week high on Wednesday. The stock traded as high as $10.84 and last traded at $10.76, with a volume of 364,915 shares trading hands. The stock had previously closed at $10.21.

Wall Street Analysts Forecast Growth

PBYI has been the subject of a number of analyst reports. TD Cowen increased 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. Weiss Ratings upgraded shares of Puma Biotechnology from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Finally, Wall Street Zen upgraded shares of Puma Biotechnology from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 15th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Puma Biotechnology has a consensus rating of "Moderate Buy" and an average target price of $6.00.

Puma Biotechnology Price Performance

The firm has a 50-day moving average of $9.54 and a 200 day moving average of $8.28. The company has a market capitalization of $555.43 million, a PE ratio of 20.69 and a beta of 1.22.

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. The business had revenue of $56.50 million during 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%. Equities analysts expect that Puma Biotechnology, Inc. will post 0.37 EPS for the current year.

Insider Activity at Puma Biotechnology

In other news, Director Alessandra Cesano sold 62,150 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $9.12, for a total value of $566,808.00. Following the completion of the sale, the director directly owned 56,700 shares of the company's stock, valued at $517,104. This represents a 52.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Troy Wilson sold 5,000 shares of the company's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $9.10, for a total transaction of $45,500.00. Following the completion of the transaction, the director directly owned 54,750 shares of the company's stock, valued at $498,225. This represents a 8.37% decrease in their position. 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 own 22.20% of the company's stock.

Hedge Funds Weigh In On Puma Biotechnology

Several institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada lifted its stake in shares of Puma Biotechnology by 244.5% during 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. Legal & General Group Plc purchased a new stake in Puma Biotechnology in the 2nd quarter valued at about $35,000. Philadelphia Investment Partners LLC purchased a new position in shares of Puma Biotechnology during the second quarter worth approximately $65,000. DGS Capital Management LLC bought a new stake in shares of Puma Biotechnology during the first quarter valued at approximately $67,000. Finally, Ieq Capital LLC purchased a new stake in shares of Puma Biotechnology in the second quarter valued at approximately $87,000. 61.29% of the stock is owned by hedge funds and other institutional investors.

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, irreversible tyrosine kinase inhibitor designed to target HER2 and other members of the human epidermal growth factor receptor family.

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

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