Puma Biotechnology (NASDAQ:PBYI) Hits New 52-Week High – What’s Next?

Puma Biotechnology, Inc. (NASDAQ:PBYI) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $9.81 and last traded at $9.9030, with a volume of 25761 shares. The stock had previously closed at $9.59.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PBYI shares. Wall Street Zen raised shares of Puma Biotechnology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 15th. Weiss Ratings upgraded shares of Puma Biotechnology from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Finally, TD Cowen upped their price target on Puma Biotechnology from $5.00 to $6.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.00.

Puma Biotechnology Stock Up 3.3%

The firm has a market capitalization of $511.50 million, a price-to-earnings ratio of 19.08 and a beta of 1.24. The stock has a 50 day moving average of $8.80 and a 200 day moving average of $7.72.

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

Insider Buying and Selling

In related news, Director Alessandra Cesano sold 62,150 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $9.12, for a total value of $566,808.00. Following the completion of the transaction, the director directly owned 56,700 shares of the company’s stock, valued at $517,104. This represents a 52.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Troy Wilson sold 5,000 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $9.10, for a total value of $45,500.00. Following the completion of the transaction, the director directly owned 54,750 shares of the company’s stock, valued at approximately $498,225. The trade was a 8.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 119,668 shares of company stock valued at $1,046,107. 22.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Puma Biotechnology

Institutional investors have recently added to or reduced their stakes in the company. Spark Investment Management LLC acquired a new position in Puma Biotechnology during the second quarter worth about $138,000. Wellington Management Group LLP purchased a new stake in shares of Puma Biotechnology in the 2nd quarter valued at approximately $1,023,000. Empowered Funds LLC purchased a new stake in shares of Puma Biotechnology in the second quarter valued at $1,787,000. Philadelphia Investment Partners LLC acquired a new stake in Puma Biotechnology during the 2nd quarter worth about $65,000. Finally, Bank of America Corp DE acquired a new stake in shares of Puma Biotechnology during the second quarter worth approximately $257,000. 61.29% of the stock is currently 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 primary product is NERLYNX (neratinib), an oral tyrosine kinase inhibitor designed to target HER2 and other members of the human epidermal growth factor receptor family.

In the United States, NERLYNX is approved for the extended adjuvant treatment of adults with early-stage HER2-positive breast cancer following postoperative trastuzumab-based therapy.