Puma Biotechnology (NASDAQ:PBYI) Stock Price Up 5.8% – What’s Next?

Puma Biotechnology, Inc. (NASDAQ:PBYI) shares traded up 5.8% during mid-day trading on Thursday . The company traded as high as $9.70 and last traded at $9.82. 251,885 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 339,894 shares. The stock had previously closed at $9.28.

Wall Street Analyst Weigh In

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

Puma Biotechnology Stock Performance

The company has a 50 day moving average of $8.85 and a 200 day moving average of $7.77. The firm has a market cap of $505.57 million, a P/E ratio of 18.83 and a beta of 1.24.

Puma Biotechnology (NASDAQ:PBYI) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.15. The firm had revenue of $56.50 million for the quarter, compared to analyst estimates of $53.00 million. Puma Biotechnology had a net margin of 11.50% and a return on equity of 20.76%. As a group, analysts expect that Puma Biotechnology, Inc. will post 0.37 EPS for the current fiscal year.

Insider Buying and Selling at Puma Biotechnology

In related news, insider Douglas Hunt sold 8,460 shares of Puma Biotechnology stock in a transaction on Monday, July 6th. The shares were sold at an average price of $8.26, for a total value of $69,879.60. Following the completion of the sale, the insider owned 196,841 shares of the company’s stock, valued at approximately $1,625,906.66. The trade was a 4.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan Auerbach sold 44,058 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $8.26, for a total transaction of $363,919.08. Following the completion of the sale, the chief executive officer owned 7,261,671 shares of the company’s stock, valued at $59,981,402.46. This represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 119,668 shares of company stock worth $1,046,107 over the last quarter. Company insiders own 22.20% of the company’s stock.

Institutional Investors Weigh In On Puma Biotechnology

Several institutional investors and hedge funds have recently added to or reduced their stakes in PBYI. Spark Investment Management LLC bought a new stake in shares of Puma Biotechnology during the 2nd quarter worth $138,000. Wellington Management Group LLP bought a new stake in Puma Biotechnology during the second quarter valued at about $1,023,000. Empowered Funds LLC acquired a new stake in shares of Puma Biotechnology in the second quarter valued at about $1,787,000. Philadelphia Investment Partners LLC bought a new position in shares of Puma Biotechnology in the second quarter worth about $65,000. Finally, Bank of America Corp DE bought a new stake in Puma Biotechnology during the 2nd quarter valued at approximately $257,000. 61.29% of the stock is currently owned by institutional investors and hedge funds.

About Puma Biotechnology

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.