Cowen and Company Reaffirms “Outperform” Rating for Puma Biotechnology Inc (NYSE:PBYI)
Puma Biotechnology Inc (NYSE:PBYI)‘s stock had its “outperform” rating reaffirmed by stock analysts at Cowen and Company in a research report issued to clients and investors on Saturday. They presently have a $120.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $91.00. Cowen and Company’s target price indicates a potential upside of 27.25% from the company’s previous close.
A number of other equities research analysts also recently issued reports on the stock. Bank of America Corporation reissued a “buy” rating and issued a $117.00 price target (up from $100.00) on shares of Puma Biotechnology in a report on Friday. Leerink Swann reissued an “outperform” rating and issued a $125.00 price target (up from $115.00) on shares of Puma Biotechnology in a report on Wednesday. Royal Bank Of Canada set a $88.00 price target on shares of Puma Biotechnology and gave the stock a “hold” rating in a report on Monday, July 17th. J P Morgan Chase & Co reissued a “buy” rating on shares of Puma Biotechnology in a report on Tuesday. Finally, Citigroup Inc. reissued a “buy” rating and issued a $114.00 price target on shares of Puma Biotechnology in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $101.75.
Puma Biotechnology (PBYI) traded down 0.47% during trading on Friday, reaching $94.30. 856,767 shares of the company’s stock traded hands. The company’s 50 day moving average is $84.95 and its 200-day moving average is $50.35. Puma Biotechnology has a 52-week low of $28.35 and a 52-week high of $97.15. The stock’s market cap is $3.49 billion.
Puma Biotechnology (NYSE:PBYI) last released its quarterly earnings data on Wednesday, May 10th. The biopharmaceutical company reported ($1.97) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.06) by $0.09. On average, analysts anticipate that Puma Biotechnology will post ($8.43) earnings per share for the current fiscal year.
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In related news, SVP Richard Paul Bryce sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $87.10, for a total value of $435,500.00. Following the sale, the senior vice president now directly owns 34,237 shares of the company’s stock, valued at $2,982,042.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Adage Capital Partners Gp, L.L sold 1,235,700 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 1,995,088 shares of company stock worth $157,988,613 over the last ninety days. 22.70% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of Puma Biotechnology by 453.2% in the first quarter. Barclays PLC now owns 3,961 shares of the biopharmaceutical company’s stock worth $115,000 after buying an additional 3,245 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Puma Biotechnology by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 3,848 shares of the biopharmaceutical company’s stock worth $115,000 after buying an additional 465 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Puma Biotechnology by 112.0% in the third quarter. BNP Paribas Arbitrage SA now owns 2,133 shares of the biopharmaceutical company’s stock worth $143,000 after buying an additional 1,127 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Puma Biotechnology by 253.3% in the third quarter. Tower Research Capital LLC TRC now owns 2,427 shares of the biopharmaceutical company’s stock worth $163,000 after buying an additional 1,740 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Puma Biotechnology during the second quarter worth $183,000. 80.98% of the stock is currently owned by institutional investors and hedge funds.
Puma Biotechnology Company Profile
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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