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

Puma Biotechnology, Inc. (NASDAQ:PBYI) shares reached a new 52-week high during trading on Thursday. The stock 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 Upgrades and Downgrades

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

Puma Biotechnology Price Performance

The company has a market capitalization of $507.42 million, a P/E ratio of 18.90 and a beta of 1.22. The company has a 50 day moving average of $9.47 and a 200-day moving average of $8.21.

Puma Biotechnology (NASDAQ:PBYI) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $53.00 million. Research analysts predict that Puma Biotechnology, Inc. will post 0.37 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Troy Wilson sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $9.10, for a total transaction of $45,500.00. Following the completion of the transaction, the director owned 54,750 shares in the company, valued at $498,225. This represents a 8.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alessandra Cesano sold 62,150 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was 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 $517,104. The trade was a 52.29% decrease in their position. 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. 22.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Puma Biotechnology

Several institutional investors and hedge funds have recently modified their holdings of PBYI. Ritholtz Wealth Management increased its position in shares of 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 buying an additional 80,307 shares during the period. BlackRock Inc. purchased a new stake in Puma Biotechnology in the second quarter worth about $30,856,000. Globeflex Capital L P purchased a new stake in Puma Biotechnology in the second quarter worth about $3,105,000. Wellington Management Group LLP bought a new stake in Puma Biotechnology during the 2nd quarter valued at approximately $1,023,000. Finally, Bank of New York Mellon Corp bought a new stake in Puma Biotechnology during the 2nd quarter valued at approximately $2,926,000. 61.29% of the stock is 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, 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.