Puma Biotechnology Inc (PBYI) Shares Gap Down After Analyst Downgrade

Puma Biotechnology Inc (NASDAQ:PBYI) gapped down before the market opened on Monday after BidaskClub downgraded the stock from a strong-buy rating to a buy rating. The stock had previously closed at $139.75, but opened at $127.20. Puma Biotechnology shares last traded at $103.00, with a volume of 5677100 shares trading hands.

Several other research analysts have also issued reports on PBYI. Citigroup Inc. increased their price target on shares of Puma Biotechnology from $156.00 to $164.00 and gave the stock a “buy” rating in a research report on Friday. Stifel Nicolaus reaffirmed a “buy” rating and set a $110.00 price objective (down previously from $118.00) on shares of Puma Biotechnology in a report on Thursday, August 10th. J P Morgan Chase & Co set a $105.00 price objective on shares of Puma Biotechnology and gave the stock a “buy” rating in a report on Wednesday, August 9th. Barclays PLC reaffirmed a “buy” rating and set a $122.00 price objective (up previously from $103.00) on shares of Puma Biotechnology in a report on Friday. Finally, Leerink Swann reaffirmed an “outperform” rating and set a $125.00 price objective on shares of Puma Biotechnology in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. Puma Biotechnology currently has a consensus rating of “Buy” and an average price target of $130.67.

In related news, SVP Richard Paul Bryce sold 15,000 shares of Puma Biotechnology stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the senior vice president now owns 42,239 shares of the company’s stock, valued at approximately $5,068,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 22.70% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Puma Biotechnology by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 2,474,644 shares of the biopharmaceutical company’s stock valued at $216,284,000 after purchasing an additional 45,735 shares during the period. Janus Henderson Group PLC boosted its holdings in Puma Biotechnology by 1.8% in the 3rd quarter. Janus Henderson Group PLC now owns 1,890,901 shares of the biopharmaceutical company’s stock valued at $226,435,000 after purchasing an additional 33,270 shares during the period. BlackRock Inc. boosted its holdings in Puma Biotechnology by 5.0% in the 2nd quarter. BlackRock Inc. now owns 1,830,342 shares of the biopharmaceutical company’s stock valued at $159,973,000 after purchasing an additional 86,924 shares during the period. Perceptive Advisors LLC boosted its holdings in Puma Biotechnology by 26.0% in the 3rd quarter. Perceptive Advisors LLC now owns 923,820 shares of the biopharmaceutical company’s stock valued at $110,627,000 after purchasing an additional 190,500 shares during the period. Finally, Franklin Resources Inc. bought a new stake in Puma Biotechnology in the 2nd quarter valued at about $50,134,000. 80.98% of the stock is owned by hedge funds and other institutional investors.

Puma Biotechnology (NASDAQ:PBYI) last posted its quarterly earnings data on Thursday, November 9th. The biopharmaceutical company reported ($2.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($2.50) by $0.43. The business had revenue of $6.10 million during the quarter, compared to the consensus estimate of $3.78 million. During the same period in the prior year, the firm earned ($1.11) EPS.

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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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