Puma Biotechnology (NASDAQ:PBYI) Raised to Buy at Wall Street Zen

Puma Biotechnology (NASDAQ:PBYI) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Sunday.

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Puma Biotechnology in a research report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

Puma Biotechnology Trading Up 2.8%

NASDAQ:PBYI opened at $6.22 on Friday. The stock has a market cap of $316.47 million, a P/E ratio of 10.20 and a beta of 1.27. The stock has a 50 day simple moving average of $6.53 and a 200 day simple moving average of $5.64. Puma Biotechnology has a 1-year low of $2.58 and a 1-year high of $7.68.

Puma Biotechnology (NASDAQ:PBYI) last released its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $75.50 million during the quarter, compared to the consensus estimate of $68.60 million. Puma Biotechnology had a return on equity of 27.80% and a net margin of 13.62%. As a group, sell-side analysts forecast that Puma Biotechnology will post 0.31 EPS for the current year.

Insider Activity at Puma Biotechnology

In other Puma Biotechnology news, insider Douglas M. Hunt sold 5,014 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $5.88, for a total transaction of $29,482.32. Following the transaction, the insider owned 155,907 shares in the company, valued at $916,733.16. This trade represents a 3.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alan H. Auerbach sold 18,012 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $5.88, for a total value of $105,910.56. Following the sale, the chief executive officer owned 7,145,951 shares of the company’s stock, valued at approximately $42,018,191.88. The trade was a 0.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 43,937 shares of company stock valued at $257,513. 23.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Puma Biotechnology

Several hedge funds have recently bought and sold shares of the company. Invesco Ltd. raised its position in shares of Puma Biotechnology by 88.9% in the 1st quarter. Invesco Ltd. now owns 37,631 shares of the biopharmaceutical company’s stock valued at $111,000 after buying an additional 17,707 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Puma Biotechnology by 3.8% during the 1st quarter. Royal Bank of Canada now owns 85,999 shares of the biopharmaceutical company’s stock worth $254,000 after acquiring an additional 3,117 shares during the period. AQR Capital Management LLC boosted its position in shares of Puma Biotechnology by 366.5% during the 1st quarter. AQR Capital Management LLC now owns 50,458 shares of the biopharmaceutical company’s stock worth $149,000 after acquiring an additional 39,641 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Puma Biotechnology during the 1st quarter worth approximately $66,000. Finally, Savant Capital LLC bought a new position in Puma Biotechnology in the second quarter valued at approximately $44,000. 61.29% of the stock is owned by institutional investors.

Puma Biotechnology Company Profile

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.