Puma Biotechnology (NASDAQ:PBYI) Downgraded by Wall Street Zen to Buy

Wall Street Zen downgraded shares of Puma Biotechnology (NASDAQ:PBYI) from a strong-buy rating to a buy rating in a research report released on Saturday,Wall Street Zen reports.

Several other brokerages have also commented on PBYI. Weiss Ratings lowered Puma Biotechnology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday. TD Cowen upped their price target on Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a research report on Friday, August 7th. Two research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.00.

Puma Biotechnology Price Performance

PBYI traded down $0.31 on Friday, reaching $7.77. The company’s stock had a trading volume of 403,672 shares, compared to its average volume of 469,587. Puma Biotechnology has a 1 year low of $4.76 and a 1 year high of $11.50. The business’s 50 day moving average is $9.75 and its 200 day moving average is $8.02. The stock has a market cap of $401.69 million, a price-to-earnings ratio of 16.89 and a beta of 1.40.

Puma Biotechnology (NASDAQ:PBYI) last announced its earnings results on Thursday, November 5th. The biopharmaceutical company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.06. Puma Biotechnology had a return on equity of 17.50% and a net margin of 10.26%. The company had revenue of $55.06 million for the quarter, compared to analyst estimates of $57.50 million. As a group, research analysts forecast that Puma Biotechnology will post 0.37 earnings per share for the current fiscal year.

Insider Transactions at Puma Biotechnology

In related news, Director Troy Wilson sold 5,000 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $9.10, for a total value of $45,500.00. Following the sale, the director owned 54,750 shares of the company’s stock, valued at $498,225. This trade represents a 8.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Miller sold 15,000 shares of Puma Biotechnology stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $8.10, for a total transaction of $121,500.00. Following the completion of the sale, the director owned 66,000 shares in the company, valued at approximately $534,600. This represents a 18.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 82,150 shares of company stock worth $733,808. Insiders own 22.20% of the company’s stock.

Institutional Trading of Puma Biotechnology

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Puma Biotechnology in the second quarter worth about $30,856,000. Globeflex Capital L P bought a new position in shares of Puma Biotechnology during the 2nd quarter valued at about $3,105,000. Wellington Management Group LLP acquired a new position in shares of Puma Biotechnology in the 2nd quarter worth approximately $1,023,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Puma Biotechnology in the 2nd quarter worth approximately $5,214,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Puma Biotechnology in the second quarter valued at $2,926,000. 61.29% of the stock is currently owned by institutional investors and hedge funds.

About Puma Biotechnology

Puma Biotechnology is a biopharmaceutical company focused on developing and commercializing medicines for cancer treatment. Its work centers on targeted therapies, particularly treatments for breast cancer. The company’s principal product is Nerlynx (neratinib), an oral HER2-targeted medicine. In the United States, it is approved for certain patients with early-stage HER2-positive breast cancer following trastuzumab-based treatment, and for some patients with advanced or metastatic HER2-positive breast cancer in combination with capecitabine.