Zacks Investment Research upgraded shares of Puma Biotechnology (NASDAQ:PBYI) from a sell rating to a hold rating in a research note published on Friday, January 26th.
According to Zacks, “Puma’s lead drug, Nerlynx (neratinib), was approved by the FDA in July 2017 for treatment of advanced breast cancers. Subsequently, in early August, the company announced the drug’s commercial availability under the brand name, Nerlynx. The FDA approval was a huge boost to the company, given the drug’s immense commercial potential in the target market. Nerlynx is also under review in the EU for the same indication. However, Puma has no approved product in its portfolio other than Nerlynx at this moment. Moreover, due to lack of a strong pipeline, the company is totally dependent on Nerlynx for growth. Hence, any kind of regulatory setback for Nerlynx could affect the company’s growth prospects. Shares of the company have outperformed the industry in the past one year.”
Several other research firms also recently commented on PBYI. Royal Bank of Canada dropped their price objective on shares of Puma Biotechnology from $108.00 to $92.00 and set a sector perform rating on the stock in a report on Friday, November 10th. They noted that the move was a valuation call. Citigroup reissued a buy rating and set a $156.00 price target (up from $114.00) on shares of Puma Biotechnology in a report on Thursday, October 5th. Leerink Swann increased their price target on shares of Puma Biotechnology to $140.00 and gave the stock an outperform rating in a report on Friday, October 27th. Bank of America reissued a buy rating and set a $135.00 price target (up from $117.00) on shares of Puma Biotechnology in a report on Monday, October 9th. Finally, BidaskClub raised shares of Puma Biotechnology from a buy rating to a strong-buy rating in a report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. Puma Biotechnology presently has an average rating of Buy and a consensus price target of $110.56.
Shares of Puma Biotechnology (NASDAQ PBYI) opened at $62.25 on Friday. The company has a market cap of $2,340.00, a price-to-earnings ratio of -7.60 and a beta of 0.18. Puma Biotechnology has a twelve month low of $28.35 and a twelve month high of $136.90.
In other Puma Biotechnology news, SVP Richard Paul Bryce sold 1,860 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $92.75, for a total transaction of $172,515.00. Following the transaction, the senior vice president now directly owns 25,379 shares of the company’s stock, valued at $2,353,902.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Charles R. Eyler sold 1,322 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $105.46, for a total transaction of $139,418.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,874 shares of company stock worth $1,303,616. Insiders own 21.10% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. lifted its holdings in Puma Biotechnology by 5.9% during the second quarter. Ameritas Investment Partners Inc. now owns 2,522 shares of the biopharmaceutical company’s stock valued at $220,000 after purchasing an additional 140 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Puma Biotechnology by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 22,299 shares of the biopharmaceutical company’s stock valued at $1,950,000 after purchasing an additional 437 shares in the last quarter. California Public Employees Retirement System lifted its holdings in Puma Biotechnology by 0.7% during the third quarter. California Public Employees Retirement System now owns 108,000 shares of the biopharmaceutical company’s stock valued at $12,933,000 after purchasing an additional 800 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Puma Biotechnology by 5.4% during the fourth quarter. Fisher Asset Management LLC now owns 16,386 shares of the biopharmaceutical company’s stock valued at $1,620,000 after purchasing an additional 841 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its holdings in Puma Biotechnology by 13.5% during the second quarter. Parametric Portfolio Associates LLC now owns 7,844 shares of the biopharmaceutical company’s stock valued at $686,000 after purchasing an additional 936 shares in the last quarter. 96.21% of the stock is currently owned by institutional investors and hedge funds.
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Puma Biotechnology Company Profile
Puma Biotechnology, Inc is a biopharmaceutical company that focuses on the development and commercialization of products for the treatment of cancer. The Company focuses on in-licensing the development and commercialization rights to over three drug candidates, including PB272 (neratinib (oral)), PB272 (neratinib (intravenous)) and PB357.
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