Puma Biotechnology (NASDAQ:PBYI) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Puma Biotechnology (NASDAQ:PBYI) from a buy rating to a hold rating in a report released on Tuesday, Zacks.com reports. They currently have $11.00 target price on the biopharmaceutical company’s stock.

According to Zacks, “Puma Biotech's second-quarter earnings and revenues beat estimates. The company’s only marketed drug Nerlynx is approved for early-stage breast cancer patients in the United States and other countries. Recently, the FDA approved Nerlynx’s combo to address the third-line breast cancer indication. This should drive its sales in the future quarters. The nod was based on data from the NALA study. Notably, several studies on Nerlynx targeting different types of breast-cancer patients for earlier-line settings are underway. However, Puma Biotech is solely dependent on Nerlynx for growth. Hence, any regulatory setback for the drug will hurt the stock. Moreover, Nerlynx sales vary from quarter to quarter, which are a persistent woe. Shares of the company have outperformed the industry year to date.”

Several other research firms have also commented on PBYI. Citigroup lowered their target price on Puma Biotechnology from $14.00 to $12.00 and set a neutral rating for the company in a report on Monday. SVB Leerink lowered their target price on Puma Biotechnology from $14.00 to $10.00 and set a market perform rating for the company in a report on Friday, August 7th. HC Wainwright reaffirmed a buy rating and set a $15.00 target price on shares of Puma Biotechnology in a report on Friday, May 1st. ValuEngine lowered Puma Biotechnology from a buy rating to a hold rating in a report on Monday, July 20th. Finally, BidaskClub lowered Puma Biotechnology from a hold rating to a sell rating in a report on Tuesday, June 30th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $11.70.

Puma Biotechnology stock traded down $0.12 during midday trading on Tuesday, hitting $9.79. The stock had a trading volume of 11,785 shares, compared to its average volume of 1,435,477. The company has a current ratio of 1.75, a quick ratio of 1.72 and a debt-to-equity ratio of 12.55. The stock has a market cap of $403.15 million, a P/E ratio of -9.19 and a beta of 1.21. Puma Biotechnology has a 12 month low of $5.50 and a 12 month high of $15.00. The business has a fifty day moving average price of $10.33 and a 200 day moving average price of $10.22.

Puma Biotechnology (NASDAQ:PBYI) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.34. The firm had revenue of $70.60 million during the quarter, compared to analyst estimates of $58.21 million. Puma Biotechnology had a negative return on equity of 283.51% and a negative net margin of 17.25%. Puma Biotechnology’s quarterly revenue was up 31.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.57) earnings per share. On average, equities analysts anticipate that Puma Biotechnology will post -0.83 EPS for the current fiscal year.

In other Puma Biotechnology news, Director Jay M. Moyes sold 9,720 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $9.50, for a total value of $92,340.00. Following the completion of the sale, the director now directly owns 41,273 shares in the company, valued at $392,093.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan H. Auerbach sold 2,607 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $10.66, for a total value of $27,790.62. Following the completion of the sale, the chief executive officer now owns 4,304,246 shares of the company’s stock, valued at $45,883,262.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,407 shares of company stock valued at $380,743. Insiders own 21.20% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PBYI. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Puma Biotechnology by 172.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,904 shares of the biopharmaceutical company’s stock valued at $51,000 after buying an additional 3,104 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in Puma Biotechnology by 209.3% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,168 shares of the biopharmaceutical company’s stock valued at $45,000 after purchasing an additional 3,497 shares during the period. First Quadrant L P CA raised its stake in Puma Biotechnology by 98.0% during the 1st quarter. First Quadrant L P CA now owns 6,797 shares of the biopharmaceutical company’s stock valued at $57,000 after purchasing an additional 3,364 shares during the period. Public Employees Retirement Association of Colorado raised its stake in Puma Biotechnology by 16.8% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 7,106 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 1,020 shares during the period. Finally, Advisor Group Holdings Inc. acquired a new stake in Puma Biotechnology during the 1st quarter valued at $80,000. Hedge funds and other institutional investors own 92.11% of the company’s stock.

Puma Biotechnology Company Profile

Puma Biotechnology, Inc, a biopharmaceutical company, focuses on the development and commercialization of products to enhance cancer care. Its drug candidates include PB272 neratinib (oral) for the treatment of early stage breast cancer, metastatic breast cancer, non-small cell lung cancer, HER2 mutation-positive solid tumors, and HER2-mutated non-amplified breast cancer; and PB272 neratinib (intravenous).

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