Zacks Investment Research cut shares of Puma Biotechnology (NASDAQ:PBYI) from a hold rating to a sell rating in a research report report published on Monday.

According to Zacks, “Puma has no approved product in its portfolio other than Nerlynx at this moment which was approved by FDA in July last year for treatment of advanced breast cancers. Moreover, due to lack of a strong pipeline, the company is totally dependent on Nerlynx for growth. Hence, any kind of regulatory setback for Nerlynx could affect the company’s growth prospects. Also, though the HER2-positive breast cancer market provides immense commercial potential, the space is quite crowded with the presence of big players. However, we are encouraged by the company’s effort to expand Nerlynx’s label for other cancers including NSCLC and other tumor types. Nonetheless, Nerlynx is also under review in the EU for treatment of breast cancer. Shares of the company have outperformed the industry in the last one year.”

A number of other equities research analysts have also recently commented on PBYI. Credit Suisse Group reiterated an outperform rating and set a $136.00 target price on shares of Puma Biotechnology in a report on Wednesday, September 27th. Citigroup restated a buy rating and set a $156.00 price objective (up previously from $114.00) on shares of Puma Biotechnology in a report on Thursday, October 5th. JPMorgan Chase & Co. restated a buy rating and set a $131.00 price objective on shares of Puma Biotechnology in a report on Wednesday, October 4th. Stifel Nicolaus raised their price objective on Puma Biotechnology from $110.00 to $130.00 and gave the stock a buy rating in a report on Monday, October 2nd. Finally, ValuEngine cut Puma Biotechnology from a hold rating to a sell rating in a report on Wednesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $130.67.

Shares of Puma Biotechnology (PBYI) traded down $1.75 during trading hours on Monday, reaching $89.10. The company’s stock had a trading volume of 694,000 shares, compared to its average volume of 646,136. The firm has a market cap of $3,240.00, a PE ratio of -10.88 and a beta of 0.72. Puma Biotechnology has a 52-week low of $28.35 and a 52-week high of $136.90.

Puma Biotechnology (NASDAQ:PBYI) last announced its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($2.07) EPS for the quarter, beating analysts’ consensus estimates of ($2.50) by $0.43. The company had revenue of $6.10 million for the quarter, compared to analyst estimates of $3.78 million. During the same quarter last year, the company posted ($1.11) EPS. equities research analysts anticipate that Puma Biotechnology will post -8.17 EPS for the current fiscal year.

In other news, insider Charles R. Eyler sold 1,322 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $105.46, for a total transaction of $139,418.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 21.10% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its holdings in shares of Puma Biotechnology by 5.9% during the second quarter. Ameritas Investment Partners Inc. now owns 2,522 shares of the biopharmaceutical company’s stock worth $220,000 after purchasing an additional 140 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Puma Biotechnology by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,299 shares of the biopharmaceutical company’s stock worth $1,950,000 after buying an additional 437 shares during the period. California Public Employees Retirement System raised its position in shares of Puma Biotechnology by 0.7% in the 3rd quarter. California Public Employees Retirement System now owns 108,000 shares of the biopharmaceutical company’s stock worth $12,933,000 after buying an additional 800 shares during the period. Parametric Portfolio Associates LLC raised its position in shares of Puma Biotechnology by 13.5% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 7,844 shares of the biopharmaceutical company’s stock worth $686,000 after buying an additional 936 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Puma Biotechnology by 3.1% in the 3rd quarter. Rhumbline Advisers now owns 34,794 shares of the biopharmaceutical company’s stock worth $4,167,000 after buying an additional 1,061 shares during the period. Institutional investors and hedge funds own 96.00% of the company’s stock.

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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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