Puma Biotechnology (NASDAQ:PBYI) Trading Up 5.8% - Here's Why

Key Points

• Puma Biotechnology shares rose 5.8% to $9.82 in midday trading, above both its 50-day moving average of $8.85 and 200-day moving average of $7.77.
• The company reported quarterly earnings of $0.19 per share, beating the $0.04 consensus estimate, while revenue of $56.5 million exceeded expectations of $53 million.
• Analysts maintain a consensus “Hold” rating with a $6.00 target price, substantially below the current share price; insiders have also sold $1.05 million of stock over the past quarter.

Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report) was up 5.8% on Thursday . The stock traded as high as $9.70 and last traded at $9.82. 251,885 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 339,894 shares. The stock had previously closed at $9.28.

Analyst Ratings Changes

Several research firms have recently commented on PBYI. TD Cowen upped 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 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 MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $6.00.

Puma Biotechnology Trading Up 5.5%

The firm has a 50-day moving average price of $8.85 and a 200-day moving average price of $7.77. The company has a market capitalization of $505.57 million, a price-to-earnings ratio of 18.83 and a beta of 1.24.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $56.50 million during the quarter, compared to analyst estimates of $53.00 million. Puma Biotechnology had a return on equity of 20.76% and a net margin of 11.50%. Equities research analysts predict that Puma Biotechnology, Inc. will post 0.37 EPS for the current fiscal year.

Insider Buying and Selling at Puma Biotechnology

In related news, CEO Alan Auerbach sold 44,058 shares of the business's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $8.26, for a total value of $363,919.08. Following the sale, the chief executive officer directly owned 7,261,671 shares in the company, valued at $59,981,402.46. The trade was a 0.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 sale, the director owned 54,750 shares of the company's stock, valued at $498,225. The trade was a 8.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 119,668 shares of company stock valued at $1,046,107 over the last quarter. Company insiders own 22.20% of the company's stock.

Hedge Funds Weigh In On Puma Biotechnology

A number of hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its holdings in shares of Puma Biotechnology by 244.5% during the first 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 last quarter. Legal & General Group Plc acquired a new stake in Puma Biotechnology during the 2nd quarter worth about $35,000. ProShare Advisors LLC purchased a new stake in Puma Biotechnology during the fourth quarter valued at about $60,000. Philadelphia Investment Partners LLC acquired a new position in shares of Puma Biotechnology in the second quarter worth about $65,000. Finally, DGS Capital Management LLC acquired a new position in shares of Puma Biotechnology in the first quarter worth about $67,000. 61.29% of the stock is currently owned by institutional investors and hedge funds.

About Puma Biotechnology

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

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

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