Puma Biotechnology (NASDAQ:PBYI) Sets New 1-Year High – Here’s What Happened

Puma Biotechnology, Inc. (NASDAQ:PBYI)’s share price reached a new 52-week high during trading on Thursday. The company traded as high as $10.72 and last traded at $10.5650, with a volume of 36,451 shares. The stock had previously closed at $10.20.

Analyst Ratings Changes

Several brokerages have weighed in on PBYI. Wall Street Zen raised Puma Biotechnology from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 15th. Weiss Ratings upgraded Puma Biotechnology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Finally, TD Cowen boosted their price target on Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.00.

Puma Biotechnology Trading Up 4.3%

The company’s 50-day moving average is $9.40 and its 200-day moving average is $8.16. The firm has a market cap of $549.34 million, a price-to-earnings ratio of 20.46 and a beta of 1.22.

Puma Biotechnology (NASDAQ:PBYI) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported $0.19 EPS 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%. Equities research analysts forecast that Puma Biotechnology, Inc. will post 0.37 EPS for the current year.

Insiders Place Their Bets

In other Puma Biotechnology news, Director Troy Wilson sold 5,000 shares of Puma Biotechnology stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $9.10, for a total transaction of $45,500.00. Following the transaction, the director directly owned 54,750 shares of the company’s stock, valued at approximately $498,225. The trade was a 8.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alessandra Cesano sold 62,150 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $9.12, for a total value of $566,808.00. Following the completion of the sale, the director directly owned 56,700 shares of the company’s stock, valued at approximately $517,104. The trade was a 52.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 22.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Puma Biotechnology during the second quarter worth $30,856,000. Dimensional Fund Advisors LP lifted its holdings in Puma Biotechnology by 7.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,436,106 shares of the biopharmaceutical company’s stock valued at $9,175,000 after buying an additional 96,503 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Puma Biotechnology during the second quarter valued at $5,214,000. Ritholtz Wealth Management boosted its position in Puma Biotechnology by 11.6% during the first quarter. Ritholtz Wealth Management now owns 774,308 shares of the biopharmaceutical company’s stock valued at $4,948,000 after acquiring an additional 80,307 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Puma Biotechnology by 18.2% during the first quarter. Sei Investments Co. now owns 508,182 shares of the biopharmaceutical company’s stock valued at $3,247,000 after acquiring an additional 78,257 shares during the last quarter. Institutional investors and hedge funds own 61.29% of the company’s stock.

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, irreversible tyrosine kinase inhibitor designed to target HER2 and other members of the human epidermal growth factor receptor family.

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