TD Cowen Issues Positive Forecast for Puma Biotechnology (NASDAQ:PBYI) Stock Price

Puma Biotechnology (NASDAQ:PBYI) had its target price lifted by research analysts at TD Cowen from $5.00 to $6.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “hold” rating on the biopharmaceutical company’s stock. TD Cowen’s price target would indicate a potential downside of 32.66% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Puma Biotechnology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. Weiss Ratings lowered shares of Puma Biotechnology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Puma Biotechnology presently has an average rating of “Hold” and an average target price of $6.00.

Puma Biotechnology Stock Performance

PBYI traded up $0.79 during midday trading on Friday, hitting $8.91. The stock had a trading volume of 683,214 shares, compared to its average volume of 349,023. The company has a market cap of $453.52 million, a P/E ratio of 18.56 and a beta of 1.22. Puma Biotechnology has a 1 year low of $3.05 and a 1 year high of $9.40. The business has a fifty day moving average of $7.77 and a 200 day moving average of $7.17.

Puma Biotechnology (NASDAQ:PBYI) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.15. Puma Biotechnology had a net margin of 10.69% and a return on equity of 20.30%. The firm had revenue of $56.50 million during the quarter, compared to analyst estimates of $53.00 million. On average, equities research analysts anticipate that Puma Biotechnology will post 0.28 earnings per share for the current year.

Insider Transactions at Puma Biotechnology

In other news, Director Adrian Senderowicz sold 27,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $7.20, for a total value of $194,400.00. Following the transaction, the director owned 27,000 shares in the company, valued at approximately $194,400. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan H. Auerbach sold 44,058 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 7,261,671 shares in the company, valued at $59,981,402.46. This represents a 0.60% 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. In the last ninety days, insiders have sold 132,028 shares of company stock valued at $1,006,711. Insiders own 22.20% of the company’s stock.

Institutional Investors Weigh In On Puma Biotechnology

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in Puma Biotechnology by 244.5% in the 1st 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 during the last quarter. Cerity Partners LLC purchased a new position in shares of Puma Biotechnology during the second quarter valued at about $36,000. BNP Paribas Financial Markets grew its holdings in shares of Puma Biotechnology by 39.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 8,056 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 2,290 shares during the period. China Universal Asset Management Co. Ltd. bought a new position in shares of Puma Biotechnology in the 4th quarter worth approximately $49,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of Puma Biotechnology in the 4th quarter valued at approximately $50,000. Hedge funds and other institutional investors 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.