Puma Biotechnology Inc (NYSE:PBYI) Stock Rating Lowered by Zacks Investment Research
Puma Biotechnology Inc (NYSE:PBYI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Puma Biotechnology shares soared recently after an FDA advisory committee recommended approval of its lead pipeline candidate, neratinib for the treatment of HER2-positive breast cancers. As a development-stage company, Puma does not have any approved product in its portfolio yet. Thus, the company is totally dependent on its lead candidate neratinib for growth. With the latest FDA panel win, the approval of neratinib seems high. An approval would be a huge boost for the company given the immense commercial potential in the target market. However, dependence on the successful development and of a single candidate may severely hurt the company’s growth prospects in case of any adverse development or regulatory setback. Shares of the company have outperformed the industry in the past one year.”
A number of other research firms have also recently weighed in on PBYI. Citigroup Inc. reiterated a “buy” rating and set a $105.00 price objective on shares of Puma Biotechnology in a research report on Friday, June 30th. Stifel Nicolaus reissued a “buy” rating and set a $105.00 target price on shares of Puma Biotechnology in a research note on Monday. Leerink Swann reissued an “outperform” rating and set a $115.00 target price on shares of Puma Biotechnology in a research note on Monday. J P Morgan Chase & Co reissued an “overweight” rating and set a $89.00 target price on shares of Puma Biotechnology in a research note on Tuesday, June 6th. Finally, Royal Bank Of Canada boosted their target price on shares of Puma Biotechnology from $60.00 to $88.00 and gave the company a “sector perform” rating in a research note on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Puma Biotechnology presently has a consensus rating of “Buy” and a consensus price target of $89.75.
Shares of Puma Biotechnology (NYSE PBYI) traded up 1.11% during midday trading on Tuesday, reaching $86.80. 399,077 shares of the company’s stock traded hands. The company’s market capitalization is $3.21 billion. The company has a 50-day moving average of $70.29 and a 200-day moving average of $44.73. Puma Biotechnology has a one year low of $28.35 and a one year high of $92.00.
Puma Biotechnology (NYSE:PBYI) last posted its quarterly earnings data on Wednesday, May 10th. The biopharmaceutical company reported ($1.97) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($2.06) by $0.09. Equities research analysts anticipate that Puma Biotechnology will post ($8.50) EPS for the current year.
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In other news, major shareholder Adage Capital Partners Gp, L.L sold 1,235,700 shares of the business’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 1,990,088 shares of company stock valued at $157,553,113 over the last three months. Insiders own 22.70% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Puma Biotechnology during the fourth quarter worth $7,693,000. Tekla Capital Management LLC raised its stake in Puma Biotechnology by 85.1% in the fourth quarter. Tekla Capital Management LLC now owns 260,200 shares of the biopharmaceutical company’s stock worth $20,400,000 after buying an additional 119,600 shares during the period. Emerald Advisers Inc. PA acquired a new stake in Puma Biotechnology during the first quarter worth $14,110,000. California State Teachers Retirement System raised its stake in Puma Biotechnology by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 46,378 shares of the biopharmaceutical company’s stock worth $3,636,000 after buying an additional 800 shares during the period. Finally, Jana Partners LLC acquired a new stake in Puma Biotechnology during the third quarter worth $5,101,000. 80.98% of the stock is owned by institutional investors.
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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