Puma Biotechnology (NASDAQ:PBYI) Share Price Crosses Below Two Hundred Day Moving Average Following Insider Selling

Key Points

• Puma Biotechnology shares fell below their 200-day moving average, trading as low as $7.75 versus the $8.02 average and last at $7.77.
• Director Michael Miller sold 15,000 shares for $121,500, reducing his holdings by 18.52% to 66,000 shares.
• Analysts’ consensus rating is Hold, with an average price target of $6.00. The latest quarter beat EPS estimates ($0.15 versus $0.09) but revenue was below forecasts.

Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report) shares crossed below its 200-day moving average during trading on Friday following insider selling activity. The stock has a 200-day moving average of $8.02 and traded as low as $7.75. Puma Biotechnology shares last traded at $7.77, with a volume of 403,672 shares.

Specifically, Director Michael Miller sold 15,000 shares of the stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $8.10, for a total transaction of $121,500.00. Following the sale, the director owned 66,000 shares in the company, valued at approximately $534,600. This represents a 18.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

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

Puma Biotechnology Stock Performance

The firm's 50-day moving average is $9.75 and its two-hundred day moving average is $8.02. The stock has a market cap of $401.71 million, a P/E ratio of 16.89 and a beta of 1.40.

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

Hedge Funds Weigh In On Puma Biotechnology

Several large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Puma Biotechnology in the 2nd quarter valued at about $30,856,000. Dimensional Fund Advisors LP grew its position in shares of 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 buying an additional 96,503 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Puma Biotechnology during the second quarter worth approximately $5,214,000. Empowered Funds LLC raised its stake in shares of Puma Biotechnology by 135.5% during the third quarter. Empowered Funds LLC now owns 518,809 shares of the biopharmaceutical company's stock worth $5,152,000 after buying an additional 298,493 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in Puma Biotechnology by 18.2% in the first quarter. Sei Investments Co. now owns 508,182 shares of the biopharmaceutical company's stock valued at $3,247,000 after buying an additional 78,257 shares during the period. Institutional investors and hedge funds own 61.29% of the company's stock.

Puma Biotechnology Company Profile

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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