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 issued to investors on Sunday morning.

Puma Biotechnology Trading Up 2.2%

Shares of NASDAQ PBYI traded up $0.11 during trading hours on Friday, reaching $5.22. The stock had a trading volume of 807,250 shares, compared to its average volume of 865,997. The company has a current ratio of 1.73, a quick ratio of 1.62 and a debt-to-equity ratio of 0.10. The firm has a market cap of $262.93 million, a price-to-earnings ratio of 5.33 and a beta of 1.30. The business's fifty day moving average price is $3.71 and its two-hundred day moving average price is $3.34. Puma Biotechnology has a 52-week low of $2.22 and a 52-week high of $6.07.

Insider Buying and Selling at Puma Biotechnology

In other news, Director Adrian Senderowicz sold 27,000 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $3.40, for a total transaction of $91,800.00. Following the sale, the director directly owned 27,000 shares of the company's stock, valued at $91,800. This represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Allison Dorval sold 11,610 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $3.40, for a total transaction of $39,474.00. Following the sale, the director directly owned 75,390 shares in the company, valued at approximately $256,326. The trade was a 13.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 173,649 shares of company stock worth $596,914. 23.30% of the stock is currently owned by company insiders.

Institutional Trading of Puma Biotechnology

A number of hedge funds and other institutional investors have recently made changes to their positions in PBYI. Acorn Capital Advisors LLC purchased a new stake in Puma Biotechnology in the fourth quarter valued at approximately $7,475,000. LSV Asset Management grew its stake in shares of Puma Biotechnology by 903.3% in the second quarter. LSV Asset Management now owns 535,740 shares of the biopharmaceutical company's stock worth $1,838,000 after acquiring an additional 482,340 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Puma Biotechnology by 70.6% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 831,689 shares of the biopharmaceutical company's stock worth $2,462,000 after acquiring an additional 344,321 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Puma Biotechnology by 21.2% in the first quarter. American Century Companies Inc. now owns 1,149,660 shares of the biopharmaceutical company's stock worth $3,403,000 after acquiring an additional 201,284 shares in the last quarter. Finally, Ritholtz Wealth Management purchased a new stake in shares of Puma Biotechnology during the 2nd quarter worth $676,000. 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.