Puma Biotechnology (NASDAQ:PBYI) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Puma Biotechnology (NASDAQ:PBYI) from a buy rating to a strong-buy rating in a report issued on Saturday.

A number of other equities research analysts also recently issued reports on PBYI. Weiss Ratings reissued a “hold (c)” rating on shares of Puma Biotechnology in a research report on Friday, August 7th. TD Cowen lifted their price objective on Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 7th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Puma Biotechnology presently has a consensus rating of “Hold” and an average price target of $6.00.

Puma Biotechnology Stock Up 1.4%

Shares of Puma Biotechnology stock opened at $8.83 on Friday. The stock has a market capitalization of $455.80 million, a price-to-earnings ratio of 16.98 and a beta of 1.22. Puma Biotechnology has a twelve month low of $4.30 and a twelve month high of $9.40. The company has a 50-day simple moving average of $7.98 and a two-hundred day simple moving average of $7.25.

Puma Biotechnology (NASDAQ:PBYI) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.15. Puma Biotechnology had a net margin of 11.50% and a return on equity of 20.76%. The firm had revenue of $56.50 million for the quarter, compared to analyst estimates of $53.00 million. On average, sell-side analysts anticipate that Puma Biotechnology will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Jay M. Moyes sold 22,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $7.22, for a total value of $158,840.00. Following the completion of the transaction, the director directly owned 58,322 shares in the company, valued at approximately $421,084.84. The trade was a 27.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Allison Dorval sold 11,610 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $7.20, for a total transaction of $83,592.00. Following the sale, the director directly owned 90,780 shares of the company’s stock, valued at approximately $653,616. This trade represents a 11.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 132,028 shares of company stock worth $1,006,711. 22.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Puma Biotechnology

A number of large investors have recently modified their holdings of PBYI. Legal & General Group Plc acquired a new position in shares of Puma Biotechnology during the 2nd quarter worth $35,000. Royal Bank of Canada lifted its position in shares of Puma Biotechnology by 244.5% during the 1st quarter. Royal Bank of Canada now owns 4,320 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 3,066 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Puma Biotechnology by 39.7% in the third quarter. BNP Paribas Financial Markets now owns 8,056 shares of the biopharmaceutical company’s stock valued at $43,000 after buying an additional 2,290 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in Puma Biotechnology in the fourth quarter valued at about $49,000. Finally, State of Alaska Department of Revenue bought a new position in Puma Biotechnology in the fourth quarter valued at about $50,000. Institutional investors and hedge funds own 61.29% of the company’s stock.

About Puma Biotechnology

Puma Biotechnology, Inc is a late‐stage biopharmaceutical company dedicated to the development and commercialization of targeted therapies for oncology patients. Founded in 2010 and headquartered in Los Angeles, California, the company focuses on advancing molecularly defined cancer treatments that address significant unmet medical needs.

The company’s lead product is neratinib, marketed under the brand name Nerlynx in the United States. Neratinib is an irreversible small‐molecule tyrosine kinase inhibitor designed to target the HER2 receptor, and it received FDA approval in 2017 for extended adjuvant treatment of early‐stage HER2-positive breast cancer.