Puma Biotechnology (PBYI) Shares Up 7.1%
Puma Biotechnology Inc (NASDAQ:PBYI) shares shot up 7.1% during mid-day trading on Friday . The company traded as high as $105.40 and last traded at $105.00. 846,100 shares changed hands during trading, a decline of 22% from the average session volume of 1,090,580 shares. The stock had previously closed at $98.05.
Several research firms have weighed in on PBYI. BidaskClub downgraded shares of Puma Biotechnology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 14th. Credit Suisse Group upped their target price on shares of Puma Biotechnology from $136.00 to $142.00 and gave the stock an “outperform” rating in a research note on Friday, November 10th. Barclays reiterated a “buy” rating and issued a $122.00 target price (up previously from $103.00) on shares of Puma Biotechnology in a research note on Friday, November 10th. Citigroup upped their target price on shares of Puma Biotechnology from $156.00 to $164.00 and gave the stock a “buy” rating in a research note on Friday, November 10th. Finally, Royal Bank Of Canada reduced their target price on shares of Puma Biotechnology from $108.00 to $92.00 and set a “sector perform” rating for the company in a research note on Friday, November 10th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $130.67.
Puma Biotechnology (NASDAQ:PBYI) last posted its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($2.07) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.50) by $0.43. The company had revenue of $6.10 million for the quarter, compared to the consensus estimate of $3.78 million. During the same quarter in the previous year, the company posted ($1.11) EPS. equities analysts anticipate that Puma Biotechnology Inc will post -8.19 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund lifted its holdings in shares of Puma Biotechnology by 4.7% in the second quarter. New York State Common Retirement Fund now owns 32,247 shares of the biopharmaceutical company’s stock worth $2,818,000 after buying an additional 1,446 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Puma Biotechnology in the second quarter worth about $211,000. BlackRock Inc. lifted its holdings in shares of Puma Biotechnology by 5.0% in the second quarter. BlackRock Inc. now owns 1,830,342 shares of the biopharmaceutical company’s stock worth $159,973,000 after buying an additional 86,924 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Puma Biotechnology in the second quarter worth about $302,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of Puma Biotechnology by 5.1% in the second quarter. Alliancebernstein L.P. now owns 41,140 shares of the biopharmaceutical company’s stock worth $3,596,000 after buying an additional 2,000 shares in the last quarter. 96.05% of the stock is currently owned by institutional investors and hedge funds.
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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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