Puma Biotechnology (NASDAQ:PBYI) Hits New 1-Year High – Still a Buy?

Puma Biotechnology, Inc. (NASDAQ:PBYI) shares reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $10.84 and last traded at $10.76, with a volume of 364,915 shares changing hands. The stock had previously closed at $10.21.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wall Street Zen raised Puma Biotechnology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 15th. TD Cowen increased their price target on Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 7th. Finally, Weiss Ratings upgraded Puma Biotechnology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.00.

Puma Biotechnology Stock Up 3.3%

The firm’s 50 day simple moving average is $9.63 and its two-hundred day simple moving average is $8.34. The stock has a market cap of $581.24 million, a P/E ratio of 21.65 and a beta of 1.22.

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

Insider Activity at Puma Biotechnology

In other news, Director Troy Wilson sold 5,000 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $9.10, for a total transaction of $45,500.00. Following the completion of the transaction, the director 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 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 Alessandra Cesano sold 62,150 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $9.12, for a total transaction of $566,808.00. Following the completion of the sale, the director directly owned 56,700 shares in the company, valued at approximately $517,104. This trade represents a 52.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 22.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc acquired a new stake in shares of Puma Biotechnology in the second quarter valued at approximately $35,000. Royal Bank of Canada raised its holdings in shares of Puma Biotechnology by 244.5% during the first quarter. Royal Bank of Canada now owns 4,320 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 3,066 shares during the last quarter. Philadelphia Investment Partners LLC acquired a new position in Puma Biotechnology during the 2nd quarter worth $65,000. IFP Advisors Inc grew its position in Puma Biotechnology by 20.4% in the 3rd quarter. IFP Advisors Inc now owns 9,470 shares of the biopharmaceutical company’s stock valued at $94,000 after buying an additional 1,607 shares in the last quarter. Finally, DGS Capital Management LLC bought a new position in shares of Puma Biotechnology in the first quarter valued at approximately $67,000. 61.29% of the stock is owned by institutional investors and hedge funds.

About Puma Biotechnology

Puma Biotechnology, Inc is a biopharmaceutical company focused on developing and commercializing medicines for the treatment of cancer. The company’s lead product is NERLYNX (neratinib), an oral, irreversible tyrosine kinase inhibitor designed to target HER2 and other members of the 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.