Puma Biotechnology Inc (PBYI) Shares Gap Down After Analyst Downgrade
Puma Biotechnology Inc (NASDAQ:PBYI) shares gapped down before the market opened on Monday after BidaskClub downgraded the stock from a strong-buy rating to a buy rating. The stock had previously closed at $139.75, but opened at $127.20. Puma Biotechnology shares last traded at $103.00, with a volume of 5677100 shares trading hands.
A number of other equities research analysts have also commented on PBYI. J P Morgan Chase & Co reissued a “buy” rating on shares of Puma Biotechnology in a report on Tuesday, July 18th. Citigroup Inc. reaffirmed a “buy” rating and issued a $114.00 target price on shares of Puma Biotechnology in a research note on Tuesday, July 18th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $118.00 target price (up previously from $105.00) on shares of Puma Biotechnology in a research note on Tuesday, July 18th. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $117.00 target price (up previously from $100.00) on shares of Puma Biotechnology in a research note on Friday, July 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $130.67.
In other news, SVP Richard Paul Bryce sold 15,000 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $100.09, for a total value of $1,501,350.00. Following the completion of the sale, the senior vice president now owns 28,239 shares of the company’s stock, valued at $2,826,441.51. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 22.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC bought a new stake in Puma Biotechnology in the first quarter valued at approximately $257,000. Teachers Advisors LLC raised its position in shares of Puma Biotechnology by 2.0% during the first quarter. Teachers Advisors LLC now owns 145,197 shares of the biopharmaceutical company’s stock worth $5,401,000 after purchasing an additional 2,824 shares during the period. Legal & General Group Plc raised its position in shares of Puma Biotechnology by 2.8% during the first quarter. Legal & General Group Plc now owns 9,297 shares of the biopharmaceutical company’s stock worth $346,000 after purchasing an additional 249 shares during the period. Vanguard Group Inc. raised its position in Puma Biotechnology by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 2,428,909 shares of the biopharmaceutical company’s stock valued at $90,355,000 after buying an additional 101,722 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Puma Biotechnology by 17.3% during the 1st quarter. Geode Capital Management LLC now owns 232,371 shares of the biopharmaceutical company’s stock valued at $8,644,000 after purchasing an additional 34,190 shares during the last quarter. Institutional investors own 80.98% of the company’s stock.
Puma Biotechnology (NASDAQ:PBYI) last announced its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($2.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.50) by $0.43. The business had revenue of $6.10 million for the quarter, compared to analysts’ expectations of $3.78 million. During the same period in the prior year, the business earned ($1.11) earnings per share.
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About Puma Biotechnology
Puma Biotechnology, Inc is a biopharmaceutical company that focuses on the development and commercialization of products for the treatment of cancer. The Company focuses on in-licensing the development and commercialization rights to over three drug candidates, including PB272 (neratinib (oral)), PB272 (neratinib (intravenous)) and PB357.
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