Puma Biotechnology (NASDAQ:PBYI) Sets New 1-Year High - Here's What Happened

Key Points

• Puma Biotechnology shares hit a new 52-week high, reaching $10.72 and last trading at $10.565, up from a previous close of $10.20.
• Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus rating and a $6.00 average price target, although that target is below the current share price.
• The company exceeded quarterly expectations, reporting adjusted earnings of $0.19 per share versus estimates of $0.04 and revenue of $56.5 million versus forecasts of $53 million.

Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report)'s stock price reached a new 52-week high on Thursday. The stock traded as high as $10.72 and last traded at $10.5650, with a volume of 36,451 shares trading hands. The stock had previously closed at $10.20.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PBYI. TD Cowen upped their price target 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. Wall Street Zen raised shares of Puma Biotechnology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 15th. Finally, Weiss Ratings raised shares of Puma Biotechnology from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Puma Biotechnology presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.00.

Puma Biotechnology Price Performance

The firm has a 50-day moving average of $9.40 and a 200 day moving average of $8.16. The stock has a market capitalization of $549.34 million, a price-to-earnings ratio of 20.46 and a beta of 1.22.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share 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 for the quarter, compared to analyst estimates of $53.00 million. On average, equities analysts forecast that Puma Biotechnology, Inc. will post 0.37 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Troy Wilson sold 5,000 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $9.10, for a total value of $45,500.00. Following the sale, the director owned 54,750 shares in the company, valued at approximately $498,225. This represents a 8.37% decrease in their position. 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 Alessandra Cesano sold 62,150 shares of the firm's 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 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 22.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Puma Biotechnology

Institutional investors have recently modified their holdings of the business. Spark Investment Management LLC acquired a new stake in Puma Biotechnology in the 2nd quarter worth about $138,000. Wellington Management Group LLP acquired a new position in shares of Puma Biotechnology during the 2nd quarter worth approximately $1,023,000. Empowered Funds LLC bought a new position in shares of Puma Biotechnology during the second quarter worth approximately $1,787,000. Philadelphia Investment Partners LLC bought a new position in shares of Puma Biotechnology during the second quarter worth approximately $65,000. Finally, Bank of America Corp DE bought a new position in shares of Puma Biotechnology during the second quarter worth approximately $257,000. 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, 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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