Bank of America Corporation Reaffirms “Buy” Rating for Puma Biotechnology Inc (PBYI)

Bank of America Corporation reaffirmed their buy rating on shares of Puma Biotechnology Inc (NYSE:PBYI) in a report published on Monday morning. They currently have a $135.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $117.00.

PBYI has been the subject of several other reports. J P Morgan Chase & Co reaffirmed a buy rating and issued a $131.00 price objective on shares of Puma Biotechnology in a research note on Wednesday, October 4th. Leerink Swann reaffirmed an outperform rating and issued a $125.00 price objective on shares of Puma Biotechnology in a research note on Wednesday, August 2nd. BidaskClub raised Puma Biotechnology from a buy rating to a strong-buy rating in a research note on Monday, July 31st. Royal Bank Of Canada set a $88.00 price objective on Puma Biotechnology and gave the company a hold rating in a research note on Monday, July 17th. Finally, Citigroup Inc. reaffirmed a buy rating and issued a $105.00 price objective on shares of Puma Biotechnology in a research note on Friday, June 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average target price of $124.89.

Puma Biotechnology (PBYI) opened at 124.05 on Monday. Puma Biotechnology has a 52 week low of $28.35 and a 52 week high of $127.02. The stock’s market capitalization is $4.62 billion. The firm has a 50-day moving average price of $105.42 and a 200-day moving average price of $75.89.

Puma Biotechnology (NYSE:PBYI) last posted its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($2.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.32) by ($0.78). Equities research analysts predict that Puma Biotechnology will post ($8.69) EPS for the current fiscal year.

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In other news, insider Alan H. Auerbach sold 13,175 shares of the stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $94.73, for a total value of $1,248,067.75. Following the sale, the insider now directly owns 4,170,623 shares in the company, valued at $395,083,116.79. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Richard Paul Bryce sold 1,998 shares of the stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $94.48, for a total value of $188,771.04. Following the completion of the sale, the senior vice president now owns 27,246 shares in the company, valued at $2,574,202.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,173 shares of company stock worth $4,738,189. Company insiders own 22.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of PBYI. Wells Fargo & Company MN raised its holdings in shares of Puma Biotechnology by 10.0% in the first quarter. Wells Fargo & Company MN now owns 24,151 shares of the biopharmaceutical company’s stock worth $899,000 after buying an additional 2,201 shares during the period. Swiss National Bank raised its holdings in shares of Puma Biotechnology by 2.1% in the first quarter. Swiss National Bank now owns 54,730 shares of the biopharmaceutical company’s stock worth $2,036,000 after buying an additional 1,100 shares during the period. Parametric Portfolio Associates LLC purchased a new stake in shares of Puma Biotechnology in the first quarter worth approximately $257,000. American International Group Inc. raised its holdings in shares of Puma Biotechnology by 19.2% in the first quarter. American International Group Inc. now owns 16,931 shares of the biopharmaceutical company’s stock worth $630,000 after buying an additional 2,733 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Puma Biotechnology in the first quarter worth approximately $603,000. Hedge funds and other 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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