J P Morgan Chase & Co Reaffirms “Buy” Rating for Puma Biotechnology Inc (PBYI)
Puma Biotechnology Inc (NYSE:PBYI)‘s stock had its “buy” rating restated by investment analysts at J P Morgan Chase & Co in a report released on Wednesday, October 4th. They currently have a $131.00 target price on the biopharmaceutical company’s stock. J P Morgan Chase & Co’s target price would suggest a potential upside of 5.35% from the company’s current price.
A number of other brokerages have also recently issued reports on PBYI. Stifel Nicolaus reissued a “buy” rating and set a $110.00 price objective (down from $118.00) on shares of Puma Biotechnology in a report on Thursday, August 10th. Zacks Investment Research cut Puma Biotechnology from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Credit Suisse Group reissued an “outperform” rating and set a $136.00 price objective on shares of Puma Biotechnology in a report on Wednesday, September 27th. BidaskClub cut Puma Biotechnology from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 10th. Finally, Citigroup Inc. reissued a “buy” rating and set a $114.00 price objective on shares of Puma Biotechnology in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $124.89.
Puma Biotechnology (PBYI) traded down 1.66% during mid-day trading on Wednesday, hitting $124.35. 409,669 shares of the stock traded hands. The company’s market cap is $4.63 billion. Puma Biotechnology has a 12-month low of $28.35 and a 12-month high of $127.02. The firm’s 50-day moving average is $107.91 and its 200-day moving average is $76.86.
Puma Biotechnology (NYSE:PBYI) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($2.10) EPS for the quarter, missing the consensus estimate of ($1.32) by ($0.78). Equities research analysts expect that Puma Biotechnology will post ($8.69) EPS for the current year.
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In other news, insider Alan H. Auerbach sold 13,175 shares of the business’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $94.73, for a total transaction of $1,248,067.75. Following the completion of the transaction, the insider now directly owns 4,170,623 shares in the company, valued at approximately $395,083,116.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard Paul Bryce sold 1,998 shares of Puma Biotechnology stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $94.48, for a total value of $188,771.04. Following the transaction, the senior vice president now owns 27,246 shares in the company, valued at approximately $2,574,202.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,173 shares of company stock valued at $4,738,189. Corporate insiders own 22.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Paulson & CO. Inc. lifted its stake in Puma Biotechnology by 75.3% in the 2nd quarter. Paulson & CO. Inc. now owns 27,500 shares of the biopharmaceutical company’s stock valued at $2,404,000 after acquiring an additional 11,810 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in Puma Biotechnology by 5.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,522 shares of the biopharmaceutical company’s stock valued at $220,000 after acquiring an additional 140 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Puma Biotechnology by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,299 shares of the biopharmaceutical company’s stock valued at $1,950,000 after acquiring an additional 437 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Puma Biotechnology in the 2nd quarter valued at approximately $146,000. Finally, Janus Henderson Group PLC bought a new stake in Puma Biotechnology in the 2nd quarter valued at approximately $162,302,000. Hedge funds and other institutional investors own 80.98% of the company’s stock.
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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