Zacks Investment Research Lowers Puma Biotechnology (PBYI) to Sell

Puma Biotechnology (NASDAQ:PBYI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

According to Zacks, “Puma has no approved product in its portfolio other than Nerlynx at this moment which was approved by FDA in July last year for treatment of advanced breast cancers. 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. Also, though the HER2-positive breast cancer market provides immense commercial potential, the space is quite crowded with the presence of big players. However, we are encouraged by the company’s effort to expand Nerlynx’s label for other cancers including NSCLC and other tumor types. Nonetheless, Nerlynx is also under review in the EU for treatment of breast cancer. Shares of the company have outperformed the industry in the last one year.”

Other analysts also recently issued research reports about the company. Royal Bank of Canada lowered their target price on Puma Biotechnology from $108.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Friday, November 10th. They noted that the move was a valuation call. Credit Suisse Group reaffirmed an “outperform” rating and issued a $136.00 target price on shares of Puma Biotechnology in a research report on Wednesday, September 27th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $131.00 target price on shares of Puma Biotechnology in a research report on Wednesday, October 4th. ValuEngine downgraded Puma Biotechnology from a “hold” rating to a “sell” rating in a research report on Wednesday, January 3rd. Finally, Barclays reaffirmed a “buy” rating and issued a $122.00 target price (up previously from $103.00) on shares of Puma Biotechnology in a research report on Friday, November 10th. Two analysts have rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $130.67.

Puma Biotechnology (NASDAQ PBYI) traded down $8.40 during trading hours on Monday, hitting $90.85. The company had a trading volume of 1,027,300 shares, compared to its average volume of 641,330. The firm has a market capitalization of $3,410.00, a P/E ratio of -11.09 and a beta of 0.72. Puma Biotechnology has a twelve month low of $28.35 and a twelve month high of $136.90.

Puma Biotechnology (NASDAQ:PBYI) last released its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($2.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.50) by $0.43. The company had revenue of $6.10 million during the quarter, compared to analyst estimates of $3.78 million. During the same period in the prior year, the firm posted ($1.11) EPS. equities analysts anticipate that Puma Biotechnology will post -8.17 EPS for the current fiscal year.

In other Puma Biotechnology news, insider Charles R. Eyler sold 1,322 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $105.46, for a total transaction of $139,418.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 21.10% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PBYI. Schwab Charles Investment Management Inc. increased its position in Puma Biotechnology by 3.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 123,380 shares of the biopharmaceutical company’s stock worth $10,784,000 after buying an additional 4,068 shares during the last quarter. Bank of New York Mellon Corp increased its position in Puma Biotechnology by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 136,297 shares of the biopharmaceutical company’s stock worth $11,912,000 after buying an additional 2,072 shares during the last quarter. Legal & General Group Plc increased its position in Puma Biotechnology by 12.8% during the second quarter. Legal & General Group Plc now owns 10,490 shares of the biopharmaceutical company’s stock worth $918,000 after buying an additional 1,193 shares during the last quarter. Prudential Financial Inc. acquired a new position in Puma Biotechnology during the second quarter worth approximately $302,000. Finally, Principal Financial Group Inc. acquired a new position in Puma Biotechnology during the second quarter worth approximately $460,000. 96.00% of the stock is currently owned by hedge funds and other institutional investors.

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About Puma Biotechnology

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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