Puma Biotechnology (NASDAQ:PBYI) Sets New 12-Month High - What's Next?

Key Points

• Puma Biotechnology shares reached a new 52-week high of $10.15 and last traded near $10.08, above the prior close of $9.97.
• Analysts maintain a consensus “Hold” rating with a $6.00 target price, well below the stock’s current trading level.
• The company reported quarterly EPS of $0.19, beating the $0.04 estimate, while revenue of $56.5 million exceeded the $53 million consensus forecast.

Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report)'s stock price reached a new 52-week high on Friday. The stock traded as high as $10.15 and last traded at $10.0750, with a volume of 36637 shares changing hands. The stock had previously closed at $9.97.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. TD Cowen increased their price target on shares of Puma Biotechnology from $5.00 to $6.00 and gave the stock a "hold" rating in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Puma Biotechnology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 15th. Finally, Weiss Ratings raised shares of Puma Biotechnology from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $6.00.

Puma Biotechnology Stock Performance

The company's 50 day moving average price is $9.21 and its 200 day moving average price is $8.05. The company has a market cap of $526.52 million, a price-to-earnings ratio of 19.56 and a beta of 1.22.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.15. The business had revenue of $56.50 million for 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%. On average, equities research analysts forecast that Puma Biotechnology, Inc. will post 0.37 EPS for the current fiscal year.

Insider Activity

In other Puma Biotechnology news, Director Alessandra Cesano sold 62,150 shares of the business's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $9.12, for a total value of $566,808.00. Following the completion of the sale, the director owned 56,700 shares of the company's stock, valued at $517,104. The trade was a 52.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 dated 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 of the company's stock, valued at approximately $498,225. This trade represents a 8.37% 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 owned by company insiders.

Institutional Investors Weigh In On Puma Biotechnology

A number of large investors have recently added to or reduced their stakes in the stock. Kathmere Capital Management LLC increased its stake in shares of Puma Biotechnology by 9.8% in the first quarter. Kathmere Capital Management LLC now owns 29,779 shares of the biopharmaceutical company's stock worth $190,000 after purchasing an additional 2,648 shares during the period. Baron Wealth Management LLC boosted its stake in Puma Biotechnology by 8.2% during the 1st quarter. Baron Wealth Management LLC now owns 38,278 shares of the biopharmaceutical company's stock valued at $245,000 after purchasing an additional 2,886 shares during the period. Royal Bank of Canada boosted its stake in Puma Biotechnology by 244.5% during the 1st quarter. Royal Bank of Canada now owns 4,320 shares of the biopharmaceutical company's stock valued at $28,000 after purchasing an additional 3,066 shares during the period. Legal & General Group Plc acquired a new stake in Puma Biotechnology in the 2nd quarter valued at approximately $35,000. Finally, Philadelphia Investment Partners LLC acquired a new stake in Puma Biotechnology in the 2nd quarter valued at approximately $65,000. 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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