Puma Biotechnology (PBYI) Stock Price Down 7.4% Following Insider Selling
Puma Biotechnology Inc (NASDAQ:PBYI)’s share price fell 7.4% on Tuesday following insider selling activity. The company traded as low as $97.70 and last traded at $98.25. 822,200 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 1,094,291 shares. The stock had previously closed at $106.10.
Specifically, insider Charles R. Eyler sold 1,322 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $105.46, for a total value of $139,418.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Richard Paul Bryce sold 15,000 shares of the stock in a transaction on Friday, September 29th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the sale, the senior vice president now owns 42,239 shares in the company, valued at approximately $5,068,680. The disclosure for this sale can be found here. Insiders sold 31,322 shares of company stock valued at $3,440,768 over the last ninety days. Corporate insiders own 21.10% of the company’s stock.
A number of equities research analysts recently issued reports on PBYI shares. Stifel Nicolaus reiterated a “buy” rating and issued a $110.00 price objective (down previously from $118.00) on shares of Puma Biotechnology in a research report on Thursday, August 10th. Credit Suisse Group restated an “outperform” rating and set a $136.00 price target on shares of Puma Biotechnology in a research report on Wednesday, September 27th. J P Morgan Chase & Co set a $105.00 price target on Puma Biotechnology and gave the company a “buy” rating in a research report on Wednesday, August 9th. BidaskClub downgraded Puma Biotechnology from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 10th. Finally, Leerink Swann raised their price target on Puma Biotechnology to $140.00 and gave the company an “outperform” rating in a research report on Friday, October 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $130.67.
Puma Biotechnology (NASDAQ:PBYI) last released its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($2.07) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($2.50) by $0.43. The firm had revenue of $6.10 million for the quarter, compared to analysts’ expectations of $3.78 million. During the same quarter in the previous year, the business earned ($1.11) EPS. equities research analysts anticipate that Puma Biotechnology Inc will post -8.19 EPS for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PBYI. Legal & General Group Plc increased its holdings in shares of Puma Biotechnology by 2.8% in the first quarter. Legal & General Group Plc now owns 9,297 shares of the biopharmaceutical company’s stock worth $346,000 after buying an additional 249 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in shares of Puma Biotechnology by 5.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 119,312 shares of the biopharmaceutical company’s stock worth $4,439,000 after buying an additional 6,138 shares during the period. Bank of Montreal Can increased its holdings in shares of Puma Biotechnology by 1.8% in the second quarter. Bank of Montreal Can now owns 5,351 shares of the biopharmaceutical company’s stock worth $468,000 after buying an additional 97 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Puma Biotechnology in the second quarter worth about $2,026,000. Finally, Strs Ohio purchased a new position in shares of Puma Biotechnology in the second quarter worth about $122,000. Hedge funds and other institutional investors own 96.05% of the company’s stock.
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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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