Puma Biotechnology (PBYI) Downgraded to “Underweight” at Barclays

Barclays lowered shares of Puma Biotechnology (NASDAQ:PBYI) from an equal weight rating to an underweight rating in a research report released on Friday morning, The Fly reports. They currently have $29.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $72.00.

Other equities research analysts have also recently issued research reports about the company. Guggenheim started coverage on Puma Biotechnology in a research note on Monday, September 17th. They set a buy rating for the company. JPMorgan Chase & Co. boosted their target price on Puma Biotechnology from $80.00 to $83.00 and gave the stock a buy rating in a research note on Friday, August 10th. Citigroup decreased their target price on Puma Biotechnology from $164.00 to $151.00 and set a buy rating for the company in a research note on Tuesday, September 18th. Cantor Fitzgerald restated a buy rating and set a $50.00 target price (down previously from $75.00) on shares of Puma Biotechnology in a research note on Friday. Finally, Zacks Investment Research upgraded Puma Biotechnology from a hold rating to a buy rating and set a $49.00 target price for the company in a research note on Wednesday, October 10th. Six investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Puma Biotechnology presently has a consensus rating of Hold and an average target price of $72.45.

Shares of Puma Biotechnology stock traded down $18.53 on Friday, reaching $20.07. 20,801,197 shares of the company were exchanged, compared to its average volume of 872,735. Puma Biotechnology has a 1-year low of $17.60 and a 1-year high of $136.90. The company has a debt-to-equity ratio of 3.14, a current ratio of 2.68 and a quick ratio of 2.64.

Puma Biotechnology (NASDAQ:PBYI) last posted its earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.37) earnings per share for the quarter, topping the consensus estimate of ($0.97) by $0.60. The firm had revenue of $62.60 million during the quarter, compared to analysts’ expectations of $57.94 million. Puma Biotechnology had a negative return on equity of 295.69% and a negative net margin of 73.45%. The firm’s revenue was up 926.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.36) earnings per share. As a group, equities research analysts forecast that Puma Biotechnology will post -3.84 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of PBYI. Ladenburg Thalmann Financial Services Inc. lifted its stake in Puma Biotechnology by 307.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,547 shares of the biopharmaceutical company’s stock valued at $105,000 after buying an additional 1,167 shares during the last quarter. Guggenheim Capital LLC lifted its stake in Puma Biotechnology by 14.8% in the first quarter. Guggenheim Capital LLC now owns 41,484 shares of the biopharmaceutical company’s stock valued at $2,823,000 after buying an additional 5,359 shares during the last quarter. Royal Bank of Canada lifted its stake in Puma Biotechnology by 271.3% in the first quarter. Royal Bank of Canada now owns 4,021 shares of the biopharmaceutical company’s stock valued at $273,000 after buying an additional 2,938 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in Puma Biotechnology by 50.7% in the first quarter. Xact Kapitalforvaltning AB now owns 4,458 shares of the biopharmaceutical company’s stock valued at $303,000 after buying an additional 1,500 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its stake in Puma Biotechnology by 36.3% in the first quarter. Summit Trail Advisors LLC now owns 7,671 shares of the biopharmaceutical company’s stock valued at $307,000 after buying an additional 2,041 shares during the last quarter. Institutional investors own 92.47% of the company’s stock.

Puma Biotechnology Company Profile

Puma Biotechnology, Inc, a biopharmaceutical company, focuses on the development and commercialization of products to enhance cancer care in the United States. Its drug candidates include PB272 neratinib (oral) for the treatment of early stage breast cancer, metastatic breast cancer, non-small cell lung cancer, HER2 mutation-positive solid tumors, and HER2-mutated non-amplified breast cancer; and PB272 neratinib (intravenous)).

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