Puma Biotechnology (NASDAQ:PBYI) Hits New 52-Week High – Time to Buy?

Puma Biotechnology, Inc. (NASDAQ:PBYI) shares reached a new 52-week high on Friday. The stock traded as high as $10.15 and last traded at $10.0750, with a volume of 36637 shares trading hands. The stock had previously closed at $9.97.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PBYI shares. Wall Street Zen upgraded shares of Puma Biotechnology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 15th. Weiss Ratings upgraded shares of Puma Biotechnology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Finally, TD Cowen increased their price target on shares of Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 7th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Puma Biotechnology has a consensus rating of “Hold” and a consensus target price of $6.00.

Puma Biotechnology Price Performance

The stock has a market capitalization of $526.52 million, a P/E ratio of 19.56 and a beta of 1.22. The firm has a 50 day moving average of $9.21 and a 200-day moving average of $8.05.

Puma Biotechnology (NASDAQ:PBYI) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.04 by $0.15. Puma Biotechnology had a return on equity of 20.76% and a net margin of 11.50%.The firm had revenue of $56.50 million during the quarter, compared to analysts’ expectations of $53.00 million. As a group, equities analysts expect that Puma Biotechnology, Inc. will post 0.37 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Troy Wilson sold 5,000 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $9.10, for a total value of $45,500.00. Following the completion of the transaction, the director directly owned 54,750 shares in the company, valued at approximately $498,225. This represents a 8.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 company’s stock in a transaction on 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 transaction, the director owned 56,700 shares of the company’s stock, valued at $517,104. The trade was a 52.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 22.20% of the company’s stock.

Hedge Funds Weigh In On Puma Biotechnology

Hedge funds have recently made changes to their positions in the business. Kathmere Capital Management LLC lifted its holdings in shares of Puma Biotechnology by 9.8% during the 1st quarter. Kathmere Capital Management LLC now owns 29,779 shares of the biopharmaceutical company’s stock worth $190,000 after acquiring an additional 2,648 shares during the period. Baron Wealth Management LLC increased its stake in Puma Biotechnology by 8.2% in the first quarter. Baron Wealth Management LLC now owns 38,278 shares of the biopharmaceutical company’s stock valued at $245,000 after acquiring an additional 2,886 shares during the period. Royal Bank of Canada increased its stake in Puma Biotechnology by 244.5% in the first quarter. Royal Bank of Canada now owns 4,320 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 3,066 shares during the period. Legal & General Group Plc acquired a new position in Puma Biotechnology in the second quarter worth about $35,000. Finally, Philadelphia Investment Partners LLC acquired a new position in Puma Biotechnology in the second quarter worth about $65,000. Institutional investors and hedge funds own 61.29% of the company’s stock.

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.