Puma Biotechnology (NASDAQ:PBYI) Shares Cross Above 200-Day Moving Average - Here's What Happened

Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $8.05 and traded as high as $10.00. Puma Biotechnology shares last traded at $9.97, with a volume of 356,549 shares changing hands.

Analyst Ratings Changes

PBYI has been the topic of several research analyst reports. TD Cowen boosted their price target on Puma Biotechnology from $5.00 to $6.00 and gave the stock a "hold" rating in a research note on Friday, August 7th. Wall Street Zen raised Puma Biotechnology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 15th. Finally, Weiss Ratings raised Puma Biotechnology from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, August 21st. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $6.00.

Puma Biotechnology Stock Performance

The firm has a market capitalization of $514.65 million, a PE ratio of 19.17 and a beta of 1.22. The firm's 50-day moving average is $9.21 and its 200 day moving average is $8.05.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.15. The firm 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%. As a group, equities analysts anticipate that Puma Biotechnology, Inc. will post 0.37 earnings per share for the current year.

Insider Activity at Puma Biotechnology

In other news, Director Alessandra Cesano sold 62,150 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $9.12, for a total transaction of $566,808.00. Following the completion of the transaction, the director directly owned 56,700 shares of the company's stock, valued at $517,104. This trade represents a 52.29% decrease in their position. 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 firm's stock in a transaction that occurred 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 transaction, the director directly owned 54,750 shares of the company's stock, valued at approximately $498,225. This trade represents a 8.37% decrease in their ownership of the stock. 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. 22.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Puma Biotechnology

Several hedge funds have recently bought and sold shares of PBYI. Royal Bank of Canada lifted its position in shares of Puma Biotechnology by 244.5% in the first quarter. Royal Bank of Canada now owns 4,320 shares of the biopharmaceutical company's stock valued at $28,000 after acquiring an additional 3,066 shares in the last quarter. Legal & General Group Plc purchased a new stake in Puma Biotechnology during the 2nd quarter worth about $35,000. Philadelphia Investment Partners LLC purchased a new stake in Puma Biotechnology during the 2nd quarter worth about $65,000. DGS Capital Management LLC acquired a new position in Puma Biotechnology in the 1st quarter valued at about $67,000. Finally, Ieq Capital LLC acquired a new position in Puma Biotechnology in the 2nd quarter valued at about $87,000. 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, 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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