Analysts at Stifel Nicolaus upgraded shares of Puma Biotechnology Inc. (NYSE: PBYI) from Hold to Buy today. With a rating of Buy on the shares, the company has a 52-week high of $94.93. As a means of comparison, a number of other analysts have issued reports on the stock in recent days, and Puma Biotechnology Inc. has secured a consensus one-year price target of $76.50, above the opening price of $68.67, a difference of 11.25 percent. Stock prices often trend to the upside on recommendations and new price targets of professional brokerage firms.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday Puma Biotechnology Inc. (NYSE: PBYI) shares last traded at $67.97, a jump of $2.81 over the previous closing price. Opening at $68.67, they ranged from $65.26 and $69.15 throughout the day.
Puma Biotechnology Inc. (NYSE: PBYI) currently has a market cap of 2.21B.
The stock’s average daily volume is 805,627 shares out of a total float 18,892,000 and some 2,759,034 shares crossed the trading desk yesterday, above normal. Heavy volume aggregation by institutional investors may be on the horizon as the combination of substantial expansions in trading volume and price growth can be deciding factors.
While an increase in trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks delivers a positive signal to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have substantial teams of analysts that research thousands of stocks, so it is good corroboration to see them buying a stock you’re researching.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
Trades for Puma Biotechnology Inc. (NYSE: PBYI) have ranged from $19.74 – 94.93, and the stock now has a 50-day MA of $55.30 and 200-day MA of $39.51. Today’s last price is 0.28% under the 52 week high of $94.93.
Earnings growth is a critical factor to consider when buying stocks and investors identify companies that have raised their earnings at least 25% or more over the past 3 years.
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