Cantor Fitzgerald restated their buy rating on shares of Puma Biotechnology (NASDAQ:PBYI) in a report issued on Friday, Marketbeat reports. The firm currently has a $50.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $75.00.
“: We are lowering our 12-month price target to $50 from $75, but are maintaining our Overweight rating on shares of PBYI. Puma reported Nerlynx sales of $53M, which was under FactSet consensus of $58M. We are not necessarily lowering the price target due to the miss, but rather the explanations behind what are driving Nerlynx trends. We have slowed the ramp, increased discontinuations, and our 2025 Nerlynx revenues are $760M vs. $1.02B. We find the communication patterns related to the Nerlynx launch as highly challenging and tough to interpret. We increased the discount rate from 10% to 11% to proxy our view that we have lower visibility into these launch trends.”,” the firm’s analyst wrote.
Several other research analysts have also commented on the stock. Zacks Investment Research upgraded shares of Puma Biotechnology from a hold rating to a buy rating and set a $49.00 price target on the stock in a research note on Wednesday, October 10th. ValuEngine upgraded shares of Puma Biotechnology from a strong sell rating to a sell rating in a research note on Tuesday, October 2nd. BidaskClub lowered shares of Puma Biotechnology from a sell rating to a strong sell rating in a research note on Thursday, September 20th. Citigroup decreased their price objective on shares of Puma Biotechnology from $164.00 to $151.00 and set a buy rating for the company in a report on Tuesday, September 18th. Finally, Guggenheim initiated coverage on shares of Puma Biotechnology in a report on Monday, September 17th. They set a buy rating for the company. 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 stock. Puma Biotechnology has an average rating of Hold and an average target price of $72.45.
Shares of PBYI traded down $18.53 during mid-day trading on Friday, hitting $20.07. 20,801,197 shares of the company’s stock were exchanged, compared to its average volume of 872,735. Puma Biotechnology has a twelve month low of $17.60 and a twelve month high of $136.90. The company has a debt-to-equity ratio of 3.14, a quick ratio of 2.64 and a current ratio of 2.68.
Puma Biotechnology (NASDAQ:PBYI) last announced its quarterly earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.37) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.97) by $0.60. Puma Biotechnology had a negative net margin of 73.45% and a negative return on equity of 295.69%. The company had revenue of $62.60 million for the quarter, compared to analyst estimates of $57.94 million. During the same quarter in the prior year, the business posted ($1.36) EPS. Puma Biotechnology’s quarterly revenue was up 926.2% on a year-over-year basis. Analysts expect that Puma Biotechnology will post -3.84 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Orbimed Advisors LLC boosted its holdings in shares of Puma Biotechnology by 3.5% during the 2nd quarter. Orbimed Advisors LLC now owns 2,732,881 shares of the biopharmaceutical company’s stock worth $161,650,000 after buying an additional 91,220 shares during the period. BlackRock Inc. boosted its holdings in Puma Biotechnology by 5.7% in the 2nd quarter. BlackRock Inc. now owns 2,505,710 shares of the biopharmaceutical company’s stock valued at $148,211,000 after purchasing an additional 135,996 shares during the period. FMR LLC boosted its holdings in Puma Biotechnology by 8.3% in the 2nd quarter. FMR LLC now owns 1,720,294 shares of the biopharmaceutical company’s stock valued at $101,756,000 after purchasing an additional 132,205 shares during the period. Jennison Associates LLC boosted its holdings in Puma Biotechnology by 95.9% in the 2nd quarter. Jennison Associates LLC now owns 950,998 shares of the biopharmaceutical company’s stock valued at $56,252,000 after purchasing an additional 465,453 shares during the period. Finally, Millennium Management LLC boosted its holdings in Puma Biotechnology by 168.7% in the 2nd quarter. Millennium Management LLC now owns 546,630 shares of the biopharmaceutical company’s stock valued at $32,333,000 after purchasing an additional 343,180 shares during the period. 92.47% of the stock is owned by institutional investors and hedge funds.
About Puma Biotechnology
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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