Puma Biotechnology Inc (PBYI) Earns “Outperform” Rating from Cowen and Company

Cowen and Company reaffirmed their outperform rating on shares of Puma Biotechnology Inc (NYSE:PBYI) in a research report released on Saturday, July 22nd. They currently have a $120.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $91.00.

Other equities research analysts have also recently issued research reports about the stock. Bank of America Corporation increased their target price on shares of Puma Biotechnology from $72.00 to $86.00 and gave the company a buy rating in a research report on Thursday, May 25th. Stifel Nicolaus reissued a buy rating and set a $88.00 target price on shares of Puma Biotechnology in a research report on Wednesday, April 19th. Zacks Investment Research raised shares of Puma Biotechnology from a hold rating to a buy rating and set a $59.00 price target for the company in a report on Wednesday, May 24th. Credit Suisse Group set a $58.00 price target on shares of Puma Biotechnology and gave the stock a buy rating in a report on Monday, May 22nd. Finally, Citigroup Inc. reaffirmed a buy rating and issued a $88.00 price target on shares of Puma Biotechnology in a report on Monday, May 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. Puma Biotechnology presently has a consensus rating of Buy and an average price target of $109.56.

Shares of Puma Biotechnology (NYSE:PBYI) traded down 1.18% during trading on Friday, reaching $79.75. 744,991 shares of the company were exchanged. Puma Biotechnology has a 1-year low of $28.35 and a 1-year high of $98.85. The company’s 50-day moving average is $87.66 and its 200 day moving average is $58.07. The firm’s market capitalization is $2.97 billion.

Puma Biotechnology (NYSE:PBYI) last posted its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($2.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.32) by $0.78. Equities research analysts expect that Puma Biotechnology will post ($8.62) EPS for the current fiscal year.

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In related news, major shareholder Adage Capital Partners Gp, L.L sold 1,235,700 shares of the firm’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $75.38, for a total transaction of $93,147,066.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Alan H. Auerbach sold 13,175 shares of the firm’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.73, for a total transaction of $1,248,067.75. Following the sale, the insider now owns 4,170,623 shares in the company, valued at approximately $395,083,116.79. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,010,261 shares of company stock valued at $159,425,452. 22.70% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in Puma Biotechnology by 2.4% in the first quarter. FMR LLC now owns 3,540,729 shares of the biopharmaceutical company’s stock valued at $131,715,000 after buying an additional 81,410 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Puma Biotechnology by 7.2% in the first quarter. Wellington Management Group LLP now owns 2,539,350 shares of the biopharmaceutical company’s stock valued at $94,464,000 after buying an additional 170,812 shares during the period. Vanguard Group Inc. raised its stake in shares of Puma Biotechnology by 1.9% in the second quarter. Vanguard Group Inc. now owns 2,474,644 shares of the biopharmaceutical company’s stock valued at $216,284,000 after buying an additional 45,735 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Puma Biotechnology during the second quarter valued at about $162,302,000. Finally, BlackRock Inc. raised its stake in shares of Puma Biotechnology by 5.0% in the second quarter. BlackRock Inc. now owns 1,830,342 shares of the biopharmaceutical company’s stock valued at $159,973,000 after buying an additional 86,924 shares during the period. Institutional investors own 80.98% of the company’s stock.

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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