Zacks Investment Research downgraded shares of Puma Biotechnology (NASDAQ:PBYI) from a hold rating to a sell rating in a research report sent to 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.”
A number of other equities research analysts also recently issued reports on PBYI. Credit Suisse Group restated an outperform rating and issued a $136.00 target price on shares of Puma Biotechnology in a report on Wednesday, September 27th. Stifel Nicolaus boosted their target price on shares of Puma Biotechnology from $110.00 to $130.00 and gave the company a buy rating in a report on Monday, October 2nd. BidaskClub upgraded shares of Puma Biotechnology from a buy rating to a strong-buy rating in a research note on Tuesday, October 3rd. JPMorgan Chase & Co. reiterated a buy rating and set a $131.00 price objective on shares of Puma Biotechnology in a research note on Wednesday, October 4th. Finally, Citigroup reiterated a buy rating and set a $156.00 price objective (up from $114.00) on shares of Puma Biotechnology in a research note on Thursday, October 5th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $130.67.
Puma Biotechnology (PBYI) traded down $8.40 during trading on Monday, reaching $90.85. 1,012,565 shares of the company were exchanged, compared to its average volume of 598,467. Puma Biotechnology has a 52-week low of $28.35 and a 52-week high of $136.90. The stock has a market capitalization of $3,410.00, a P/E ratio of -11.09 and a beta of 0.72.
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 analysts’ expectations of $3.78 million. During the same quarter in the previous year, the firm posted ($1.11) earnings per share. sell-side 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 shares were sold at an average price of $105.46, for a total transaction of $139,418.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 21.10% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC purchased a new stake in Puma Biotechnology during the second quarter worth approximately $146,000. Kazazian Asset Management LLC purchased a new position in shares of Puma Biotechnology in the second quarter valued at $209,000. Ameritas Investment Partners Inc. boosted its stake in shares of Puma Biotechnology by 5.9% in the second quarter. Ameritas Investment Partners Inc. now owns 2,522 shares of the biopharmaceutical company’s stock valued at $220,000 after purchasing an additional 140 shares during the period. ProShare Advisors LLC purchased a new position in shares of Puma Biotechnology in the second quarter valued at $222,000. Finally, Stifel Financial Corp purchased a new position in shares of Puma Biotechnology in the second quarter valued at $240,000. Institutional investors own 96.00% of the company’s stock.
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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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