Puma Biotechnology (NASDAQ:PBYI) Stock Rating Upgraded by Wall Street Zen

Key Points

• Puma Biotechnology has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, signaling increased confidence in the stock.
• The company's stock opened at $5.73 and has shown significant growth potential, with a 12-month high of $5.81.
• Institutional investors are increasingly investing in Puma Biotechnology, with Acorn Capital Advisors acquiring a new position valued at approximately $7.5 million in the fourth quarter.

Wall Street Zen upgraded shares of Puma Biotechnology (NASDAQ:PBYI - Free Report) from a hold rating to a buy rating in a research note released on Sunday morning.

Puma Biotechnology Stock Up 1.9%

Shares of Puma Biotechnology stock traded up $0.0950 during trading on Friday, reaching $5.1850. The stock had a trading volume of 294,310 shares, compared to its average volume of 474,635. The company has a market capitalization of $261.17 million, a price-to-earnings ratio of 5.27 and a beta of 1.30. The stock has a fifty day moving average price of $3.64 and a two-hundred day moving average price of $3.31. Puma Biotechnology has a 52 week low of $2.22 and a 52 week high of $6.07. The company has a current ratio of 1.73, a quick ratio of 1.62 and a debt-to-equity ratio of 0.10.

Insiders Place Their Bets

In related news, Director Jay M. Moyes sold 22,000 shares of Puma Biotechnology stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $3.40, for a total value of $74,800.00. Following the sale, the director owned 53,322 shares of the company's stock, valued at approximately $181,294.80. The trade was a 29.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan H. Auerbach sold 21,580 shares of Puma Biotechnology stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $3.54, for a total value of $76,393.20. Following the completion of the sale, the chief executive officer directly owned 7,180,901 shares in the company, valued at approximately $25,420,389.54. This represents a 0.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 173,649 shares of company stock valued at $596,914 in the last quarter. 23.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Puma Biotechnology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Acorn Capital Advisors LLC increased its position in shares of Puma Biotechnology by 4.9% in the second quarter. Acorn Capital Advisors LLC now owns 4,131,299 shares of the biopharmaceutical company's stock valued at $14,170,000 after acquiring an additional 191,247 shares during the last quarter. Acadian Asset Management LLC increased its position in Puma Biotechnology by 1.8% during the first quarter. Acadian Asset Management LLC now owns 2,008,146 shares of the biopharmaceutical company's stock worth $5,940,000 after buying an additional 36,018 shares during the last quarter. American Century Companies Inc. increased its position in Puma Biotechnology by 16.8% during the second quarter. American Century Companies Inc. now owns 1,342,275 shares of the biopharmaceutical company's stock worth $4,604,000 after buying an additional 192,615 shares during the last quarter. Kennedy Capital Management LLC increased its position in Puma Biotechnology by 8.3% during the second quarter. Kennedy Capital Management LLC now owns 987,001 shares of the biopharmaceutical company's stock worth $3,385,000 after buying an additional 75,878 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Puma Biotechnology by 1.7% during the second quarter. Geode Capital Management LLC now owns 971,674 shares of the biopharmaceutical company's stock worth $3,333,000 after buying an additional 16,218 shares during the last quarter. Institutional investors and hedge funds own 61.29% of the company's stock.

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.