Puma Biotechnology Inc (NASDAQ:PBYI) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 8,855,600 shares, a growth of 20.6% from the July 31st total of 7,342,100 shares. Based on an average trading volume of 1,360,000 shares, the short-interest ratio is presently 6.5 days. Currently, 26.4% of the company’s shares are short sold.

Several brokerages have recently issued reports on PBYI. JPMorgan Chase & Co. reiterated a “sell” rating and issued a $13.00 price objective on shares of Puma Biotechnology in a research note on Monday, August 12th. Barclays cut their price target on Puma Biotechnology from $21.00 to $9.00 and set an “underweight” rating on the stock in a research note on Friday, August 9th. BidaskClub cut Puma Biotechnology from a “hold” rating to a “sell” rating in a research note on Monday, August 19th. Cowen restated a “hold” rating and issued a $25.00 price target on shares of Puma Biotechnology in a research note on Friday, August 9th. Finally, Goldman Sachs Group cut their price target on Puma Biotechnology from $29.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 29th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $22.56.

In other news, insider Alan H. Auerbach sold 12,715 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $9.98, for a total transaction of $126,895.70. Following the completion of the transaction, the insider now directly owns 4,189,525 shares in the company, valued at $41,811,459.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders sold 14,435 shares of company stock valued at $145,302 over the last quarter. 21.80% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its holdings in shares of Puma Biotechnology by 577.6% during the second quarter. Bank of Montreal Can now owns 2,602 shares of the biopharmaceutical company’s stock worth $33,000 after buying an additional 2,218 shares during the last quarter. Quantamental Technologies LLC purchased a new position in shares of Puma Biotechnology during the second quarter worth about $56,000. SG Americas Securities LLC purchased a new position in shares of Puma Biotechnology during the first quarter worth about $210,000. Stephens Inc. AR purchased a new position in shares of Puma Biotechnology during the first quarter worth about $240,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Puma Biotechnology during the first quarter worth about $338,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ PBYI traded down $0.29 during midday trading on Friday, reaching $11.30. 1,224,300 shares of the company were exchanged, compared to its average volume of 1,214,547. The company has a current ratio of 1.72, a quick ratio of 1.68 and a debt-to-equity ratio of 5.39. Puma Biotechnology has a 1 year low of $8.45 and a 1 year high of $49.20. The stock has a fifty day simple moving average of $10.22 and a 200 day simple moving average of $21.01. The stock has a market cap of $432.96 million, a P/E ratio of -3.78 and a beta of 1.60.

Puma Biotechnology (NASDAQ:PBYI) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.97) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.90) by ($0.07). Puma Biotechnology had a negative return on equity of 254.09% and a negative net margin of 32.23%. The company had revenue of $53.90 million for the quarter, compared to analysts’ expectations of $53.40 million. During the same period in the prior year, the business earned ($0.59) EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, analysts forecast that Puma Biotechnology will post -2.67 earnings per share for the current year.

About Puma Biotechnology

Puma Biotechnology, Inc, a biopharmaceutical company, focuses on the development and commercialization of products to enhance cancer care. Its drug candidates include PB272 neratinib (oral) for the treatment of early stage breast cancer, metastatic breast cancer, non-small cell lung cancer, HER2 mutation-positive solid tumors, and HER2-mutated non-amplified breast cancer; and PB272 neratinib (intravenous).

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