Puma Biotechnology (NASDAQ:PBYI) Stock Jumps 5.8% – Here’s Why

Puma Biotechnology, Inc. (NASDAQ:PBYI)’s share price rose 5.8% on Thursday. The stock traded as high as $9.70 and last traded at $9.82. Approximately 251,885 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 339,894 shares. The stock had previously closed at $9.28.

Analysts Set New Price Targets

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

Puma Biotechnology Stock Down 0.5%

The business has a 50 day moving average price of $8.90 and a 200-day moving average price of $7.81. The firm has a market cap of $504.33 million, a price-to-earnings ratio of 18.79 and a beta of 1.24.

Puma Biotechnology (NASDAQ:PBYI) last announced its earnings results 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 business had revenue of $56.50 million during the quarter, compared to the consensus estimate of $53.00 million. Puma Biotechnology had a net margin of 11.50% and a return on equity of 20.76%. Research analysts anticipate that Puma Biotechnology, Inc. will post 0.37 earnings per share for the current fiscal year.

Insider Transactions at Puma Biotechnology

In other Puma Biotechnology news, CEO Alan H. Auerbach sold 44,058 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $8.26, for a total value of $363,919.08. Following the transaction, the chief executive officer owned 7,261,671 shares of the company’s stock, valued at $59,981,402.46. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Troy Wilson sold 5,000 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $9.10, for a total value of $45,500.00. Following the sale, the director owned 54,750 shares in the company, valued at $498,225. The trade was a 8.37% decrease in their ownership of the stock. 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 quarter, insiders sold 119,668 shares of company stock valued at $1,046,107. 22.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Puma Biotechnology

A number of institutional investors and hedge funds have recently bought and sold shares of PBYI. Legal & General Group Plc bought a new position in Puma Biotechnology in the second quarter worth $35,000. Royal Bank of Canada raised its stake in Puma Biotechnology by 244.5% during the first quarter. Royal Bank of Canada now owns 4,320 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 3,066 shares in the last quarter. Philadelphia Investment Partners LLC bought a new position in shares of Puma Biotechnology during the second quarter valued at $65,000. ProShare Advisors LLC acquired a new stake in shares of Puma Biotechnology in the 4th quarter valued at $60,000. Finally, DGS Capital Management LLC acquired a new position in Puma Biotechnology in the first quarter valued at about $67,000. Institutional investors own 61.29% of the company’s stock.

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.