Puma Biotechnology (NASDAQ:PBYI) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Puma Biotechnology's stock (NASDAQ:PBYI) recently surpassed its 200-day moving average, reaching a high of $5.50 during trading, indicating a potential upward trend.
• Analysts have upgraded Puma Biotechnology's rating, with Wall Street Zen changing it to "strong-buy" and Weiss Ratings moving it from "hold" to "buy," while the average price target is set at $7.00.
• Insider activity shows Director Alessandra Cesano sold 27,000 shares of the company, indicating a significant reduction in ownership, and institutional investors now hold 61.29% of the stock.

Puma Biotechnology, Inc. (NASDAQ:PBYI - Get Free Report)'s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.82 and traded as high as $5.50. Puma Biotechnology shares last traded at $5.50, with a volume of 377,158 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on PBYI. Wall Street Zen raised Puma Biotechnology from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Weiss Ratings upgraded Puma Biotechnology from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Puma Biotechnology presently has an average rating of "Buy" and an average price target of $7.00.

Puma Biotechnology Price Performance

The stock has a fifty day moving average of $4.92 and a two-hundred day moving average of $3.82. The stock has a market cap of $277.04 million, a price-to-earnings ratio of 5.61 and a beta of 1.39. The company has a quick ratio of 1.62, a current ratio of 1.73 and a debt-to-equity ratio of 0.10.

Insider Activity

In related news, Director Alessandra Cesano sold 27,000 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $3.37, for a total value of $90,990.00. Following the completion of the transaction, the director directly owned 41,850 shares in the company, valued at approximately $141,034.50. This represents a 39.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 23.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Puma Biotechnology

Several institutional investors and hedge funds have recently added to or reduced their stakes in PBYI. CWM LLC grew its stake in shares of Puma Biotechnology by 214.1% in the second quarter. CWM LLC now owns 9,462 shares of the biopharmaceutical company's stock valued at $32,000 after buying an additional 6,450 shares in the last quarter. Cerity Partners LLC acquired a new stake in shares of Puma Biotechnology in the second quarter valued at about $36,000. Savant Capital LLC acquired a new stake in shares of Puma Biotechnology in the second quarter valued at about $44,000. Causeway Capital Management LLC acquired a new stake in shares of Puma Biotechnology in the first quarter valued at about $42,000. Finally, D Orazio & Associates Inc. acquired a new stake in shares of Puma Biotechnology in the second quarter valued at about $52,000. 61.29% of the stock is currently owned by institutional investors and hedge funds.

Puma Biotechnology Company Profile

Puma Biotechnology, Inc, a biopharmaceutical company, focuses on the development and commercialization of products to enhance cancer care in the United States and internationally. The company offers NERLYNX, an oral version of neratinib that is used to treat adult patients with early stage HER2-overexpressed/amplified breast cancer; and advanced or metastatic HER2-positive breast cancer when combined with capecitabine.

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