TD Cowen Forecasts Strong Price Appreciation for Puma Biotechnology (NASDAQ:PBYI) Stock

Puma Biotechnology (NASDAQ:PBYI) had its price objective boosted by equities researchers at TD Cowen from $5.00 to $6.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the biopharmaceutical company’s stock. TD Cowen’s target price indicates a potential downside of 32.66% from the stock’s current price.

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

Puma Biotechnology Stock Up 9.7%

Shares of PBYI stock traded up $0.79 during trading hours on Friday, hitting $8.91. 683,214 shares of the company’s stock traded hands, compared to its average volume of 349,023. Puma Biotechnology has a 12 month low of $3.05 and a 12 month high of $9.40. The stock has a market cap of $453.52 million, a PE ratio of 18.56 and a beta of 1.22. The stock’s 50 day simple moving average is $7.77 and its 200 day simple moving average is $7.17.

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

Insider Buying and Selling at Puma Biotechnology

In other Puma Biotechnology news, Director Allison Dorval sold 11,610 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $7.20, for a total transaction of $83,592.00. Following the completion of the sale, the director directly owned 90,780 shares of the company’s stock, valued at approximately $653,616. The trade was a 11.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Adrian Senderowicz sold 27,000 shares of the stock in a transaction 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 completion of the sale, the director directly owned 27,000 shares of the company’s stock, valued at $194,400. The trade was a 50.00% 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 three months, insiders have sold 132,028 shares of company stock worth $1,006,711. 22.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its holdings in shares of 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 buying an additional 3,066 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Puma Biotechnology by 39.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 8,056 shares of the biopharmaceutical company’s stock valued at $43,000 after acquiring an additional 2,290 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in shares of Puma Biotechnology in the fourth quarter worth about $49,000. State of Alaska Department of Revenue bought a new position in Puma Biotechnology in the 4th quarter worth approximately $50,000. Finally, ProShare Advisors LLC bought a new stake in Puma Biotechnology during the 4th quarter valued at $60,000. 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.