Puma Biotechnology (NASDAQ:PBYI) Share Price Crosses Below Two Hundred Day Moving Average Following Insider Selling

Puma Biotechnology, Inc. (NASDAQ:PBYI) shares passed below its 200-day moving average during trading on Friday after an insider sold shares in the company. The stock has a 200-day moving average of $8.02 and traded as low as $7.75. Puma Biotechnology shares last traded at $7.77, with a volume of 403,672 shares changing hands.

Specifically, Director Michael Miller sold 15,000 shares of the company’s stock in a transaction on 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. The trade was a 18.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wall Street Zen raised Puma Biotechnology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 15th. Weiss Ratings cut Puma Biotechnology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Finally, TD Cowen upped their price objective on Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a report on Friday, August 7th. Two research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.00.

Puma Biotechnology Stock Performance

The firm has a market capitalization of $401.71 million, a price-to-earnings ratio of 16.89 and a beta of 1.40. The business’s 50-day moving average is $9.75 and its two-hundred day moving average is $8.02.

Puma Biotechnology (NASDAQ:PBYI) last released its quarterly earnings data on Thursday, November 5th. The biopharmaceutical company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.06. The business had revenue of $55.06 million for the quarter, compared to analyst estimates of $57.50 million. Puma Biotechnology had a net margin of 10.26% and a return on equity of 17.50%. Analysts forecast that Puma Biotechnology, Inc. will post 0.37 EPS for the current year.

Hedge Funds Weigh In On Puma Biotechnology

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Puma Biotechnology in the 2nd quarter valued at $30,856,000. Dimensional Fund Advisors LP increased its position in shares of Puma Biotechnology by 7.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,436,106 shares of the biopharmaceutical company’s stock valued at $9,175,000 after buying an additional 96,503 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Puma Biotechnology during the 2nd quarter worth $5,214,000. Empowered Funds LLC raised its stake in Puma Biotechnology by 135.5% during the 3rd quarter. Empowered Funds LLC now owns 518,809 shares of the biopharmaceutical company’s stock worth $5,152,000 after buying an additional 298,493 shares during the period. Finally, Sei Investments Co. lifted its holdings in Puma Biotechnology by 18.2% during the first quarter. Sei Investments Co. now owns 508,182 shares of the biopharmaceutical company’s stock worth $3,247,000 after acquiring an additional 78,257 shares in the last quarter. 61.29% of the stock is owned by institutional investors.

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.