Puma Biotechnology (PBYI) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of Puma Biotechnology (NASDAQ:PBYI) from a hold rating to a sell rating in a research report released on Monday morning.
According to Zacks, “Puma has no approved product in its portfolio other than Nerlynx at this moment which was approved by FDA in July last year for treatment of advanced breast cancers. Moreover, due to lack of a strong pipeline, the company is totally dependent on Nerlynx for growth. Hence, any kind of regulatory setback for Nerlynx could affect the company’s growth prospects. Also, though the HER2-positive breast cancer market provides immense commercial potential, the space is quite crowded with the presence of big players. However, we are encouraged by the company’s effort to expand Nerlynx’s label for other cancers including NSCLC and other tumor types. Nonetheless, Nerlynx is also under review in the EU for treatment of breast cancer. Shares of the company have outperformed the industry in the last one year.”
PBYI has been the subject of a number of other reports. Leerink Swann lifted their price objective on shares of Puma Biotechnology to $140.00 and gave the stock an outperform rating in a research report on Friday, October 27th. BidaskClub raised shares of Puma Biotechnology from a buy rating to a strong-buy rating in a research report on Tuesday, October 3rd. Stifel Nicolaus boosted their target price on shares of Puma Biotechnology from $110.00 to $130.00 and gave the company a buy rating in a research report on Monday, October 2nd. Bank of America reissued a buy rating and issued a $135.00 target price (up previously from $117.00) on shares of Puma Biotechnology in a research report on Monday, October 9th. Finally, Credit Suisse Group boosted their target price on shares of Puma Biotechnology from $136.00 to $142.00 and gave the company an outperform rating in a research report on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $130.67.
Puma Biotechnology (NASDAQ:PBYI) last released its quarterly earnings data on Thursday, November 9th. The biopharmaceutical company reported ($2.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($2.50) by $0.43. The company had revenue of $6.10 million for the quarter, compared to the consensus estimate of $3.78 million. During the same period last year, the firm earned ($1.11) earnings per share. analysts expect that Puma Biotechnology will post -8.17 earnings per share for the current fiscal year.
In other news, insider Charles R. Eyler sold 1,322 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $105.46, for a total value of $139,418.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 21.10% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. lifted its position in Puma Biotechnology by 5.9% during the second quarter. Ameritas Investment Partners Inc. now owns 2,522 shares of the biopharmaceutical company’s stock worth $220,000 after purchasing an additional 140 shares during the period. The Manufacturers Life Insurance Company lifted its position in Puma Biotechnology by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 22,299 shares of the biopharmaceutical company’s stock worth $1,950,000 after purchasing an additional 437 shares during the period. California Public Employees Retirement System lifted its position in Puma Biotechnology by 0.7% during the third quarter. California Public Employees Retirement System now owns 108,000 shares of the biopharmaceutical company’s stock worth $12,933,000 after purchasing an additional 800 shares during the period. Parametric Portfolio Associates LLC lifted its position in Puma Biotechnology by 13.5% during the second quarter. Parametric Portfolio Associates LLC now owns 7,844 shares of the biopharmaceutical company’s stock worth $686,000 after purchasing an additional 936 shares during the period. Finally, Rhumbline Advisers lifted its position in Puma Biotechnology by 3.1% during the third quarter. Rhumbline Advisers now owns 34,794 shares of the biopharmaceutical company’s stock worth $4,167,000 after purchasing an additional 1,061 shares during the period. 96.00% of the stock is 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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