Puma Biotechnology (NASDAQ:PBYI) Hits New 52-Week High – Here’s What Happened

Shares of Puma Biotechnology, Inc. (NASDAQ:PBYI) reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $10.08 and last traded at $10.0250, with a volume of 98007 shares. The stock had previously closed at $9.78.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Weiss Ratings raised Puma Biotechnology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. TD Cowen boosted their target price on shares of Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Puma Biotechnology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 15th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Puma Biotechnology presently has a consensus rating of “Hold” and an average target price of $6.00.

Puma Biotechnology Stock Performance

The stock has a 50-day moving average of $9.03 and a two-hundred day moving average of $7.93. The company has a market cap of $507.94 million, a P/E ratio of 18.92 and a beta of 1.22.

Puma Biotechnology (NASDAQ:PBYI) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.04 by $0.15. Puma Biotechnology had a return on equity of 20.76% and a net margin of 11.50%.The business had revenue of $56.50 million for the quarter, compared to the consensus estimate of $53.00 million. Research analysts predict that Puma Biotechnology, Inc. will post 0.37 EPS for the current year.

Insider Activity

In other news, Director Troy Wilson sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $9.10, for a total value of $45,500.00. Following the transaction, the director owned 54,750 shares in the company, valued at approximately $498,225. This represents a 8.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Douglas M. Hunt sold 8,460 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $8.26, for a total transaction of $69,879.60. Following the sale, the insider owned 196,841 shares in the company, valued at approximately $1,625,906.66. The trade was a 4.12% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 119,668 shares of company stock worth $1,046,107. 22.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Puma Biotechnology

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Puma Biotechnology in the second quarter worth approximately $30,856,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Puma Biotechnology during the 2nd quarter valued at $5,214,000. Globeflex Capital L P purchased a new position in shares of Puma Biotechnology in the 2nd quarter worth $3,105,000. Bank of New York Mellon Corp purchased a new position in shares of Puma Biotechnology in the 2nd quarter worth $2,926,000. Finally, Empowered Funds LLC bought a new stake in shares of Puma Biotechnology in the second quarter worth $1,787,000. 61.29% of the stock is currently owned by hedge funds and other institutional investors.

Puma Biotechnology Company Profile

Puma Biotechnology, Inc is a biopharmaceutical company focused on developing and commercializing medicines for the treatment of cancer. The company’s primary product is NERLYNX (neratinib), an oral tyrosine kinase inhibitor designed to target HER2 and other members of the human epidermal growth factor receptor family.

In the United States, NERLYNX is approved for the extended adjuvant treatment of adults with early-stage HER2-positive breast cancer following postoperative trastuzumab-based therapy.