Puma Biotechnology (NASDAQ:PBYI) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Puma Biotechnology from “buy” to “strong-buy,” although the broader analyst consensus remains “hold” with an average price target of $6.00.
• Puma Biotechnology reported quarterly EPS of $0.19, beating expectations of $0.04, while revenue of $56.5 million exceeded the $53 million consensus estimate.
• The stock opened at $8.83, near its 12-month high of $9.40; institutional ownership stands at 61.29%, while insiders sold about $1.01 million of shares over the past three months.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also recently weighed in on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Puma Biotechnology in a research report on Friday, August 7th. TD Cowen upped 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. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Puma Biotechnology currently has an average rating of "Hold" and an average price target of $6.00.

Puma Biotechnology Trading Up 1.4%

PBYI opened at $8.83 on Friday. The company has a market cap of $455.80 million, a P/E ratio of 16.98 and a beta of 1.22. The business's 50-day moving average price is $7.98 and its 200-day moving average price is $7.25. Puma Biotechnology has a 12 month low of $4.30 and a 12 month high of $9.40.

Puma Biotechnology (NASDAQ:PBYI - Get Free Report) last issued 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. Puma Biotechnology had a return on equity of 20.76% and a net margin of 11.50%.The company had revenue of $56.50 million during the quarter, compared to analysts' expectations of $53.00 million. Equities research analysts forecast that Puma Biotechnology will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jay M. Moyes sold 22,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $7.22, for a total value of $158,840.00. Following the transaction, the director owned 58,322 shares of the company's stock, valued at approximately $421,084.84. This trade represents a 27.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Allison Dorval sold 11,610 shares of Puma Biotechnology stock in a transaction on Friday, June 12th. The stock was sold at an average price of $7.20, for a total transaction of $83,592.00. Following the transaction, the director owned 90,780 shares in the company, valued at $653,616. This represents a 11.34% 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. Over the last three months, insiders sold 132,028 shares of company stock worth $1,006,711. Insiders own 22.20% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Puma Biotechnology during the second quarter valued at approximately $30,856,000. Dimensional Fund Advisors LP boosted its holdings 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 valued at $9,175,000 after purchasing an additional 96,503 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Puma Biotechnology by 35.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 1,120,329 shares of the biopharmaceutical company's stock valued at $6,666,000 after purchasing an additional 292,108 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Puma Biotechnology by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 994,345 shares of the biopharmaceutical company's stock valued at $5,917,000 after purchasing an additional 10,823 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Puma Biotechnology by 4,823,365.0% in the third quarter. Russell Investments Group Ltd. now owns 964,693 shares of the biopharmaceutical company's stock worth $5,123,000 after purchasing an additional 964,673 shares during the last quarter. 61.29% of the stock is owned by hedge funds and other institutional investors.

Puma Biotechnology Company Profile

Puma Biotechnology, Inc is a late‐stage biopharmaceutical company dedicated to the development and commercialization of targeted therapies for oncology patients. Founded in 2010 and headquartered in Los Angeles, California, the company focuses on advancing molecularly defined cancer treatments that address significant unmet medical needs.

The company's lead product is neratinib, marketed under the brand name Nerlynx in the United States. Neratinib is an irreversible small‐molecule tyrosine kinase inhibitor designed to target the HER2 receptor, and it received FDA approval in 2017 for extended adjuvant treatment of early‐stage HER2-positive breast cancer.

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