Puma Biotechnology Inc (PBYI) Given Buy Rating at Bank of America Corporation

Bank of America Corporation restated their buy rating on shares of Puma Biotechnology Inc (NYSE:PBYI) in a report released on Friday, July 21st. They currently have a $117.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $100.00.

Several other research firms also recently issued reports on PBYI. J P Morgan Chase & Co reissued an overweight rating and issued a $89.00 target price on shares of Puma Biotechnology in a research report on Wednesday, May 24th. Stifel Nicolaus reaffirmed a buy rating and set a $118.00 price target (up from $105.00) on shares of Puma Biotechnology in a research report on Tuesday, July 18th. Zacks Investment Research downgraded Puma Biotechnology from a hold rating to a sell rating in a research report on Tuesday, July 11th. Cowen and Company reaffirmed a market perform rating on shares of Puma Biotechnology in a research report on Monday, May 22nd. Finally, Citigroup Inc reaffirmed a buy rating and set a $114.00 price target on shares of Puma Biotechnology in a research report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $109.56.

Shares of Puma Biotechnology (PBYI) opened at 72.00 on Friday. The company has a 50 day moving average price of $88.81 and a 200 day moving average price of $56.00. Puma Biotechnology has a one year low of $28.35 and a one year high of $98.85. The company’s market cap is $2.66 billion.

Puma Biotechnology (NYSE:PBYI) last released its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($2.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.32) by $0.78. Equities analysts predict that Puma Biotechnology will post ($8.53) EPS for the current year.

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In other news, major shareholder Adage Capital Partners Gp, L.L sold 507,128 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $87.84, for a total transaction of $44,546,123.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Richard Paul Bryce sold 1,998 shares of the stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $94.48, for a total transaction of $188,771.04. Following the sale, the senior vice president now directly owns 27,246 shares in the company, valued at $2,574,202.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,010,261 shares of company stock worth $159,425,452. Corporate insiders own 22.70% of the company’s stock.

Large investors have recently bought and sold shares of the company. Emerald Advisers Inc. PA purchased a new stake in Puma Biotechnology during the first quarter valued at about $14,110,000. Emerald Mutual Fund Advisers Trust bought a new position in shares of Puma Biotechnology during the first quarter worth $9,702,000. Candriam Luxembourg S.C.A. raised its position in shares of Puma Biotechnology by 41.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 154,500 shares of the biopharmaceutical company’s stock worth $5,748,000 after buying an additional 45,000 shares in the last quarter. Columbus Circle Investors bought a new position in shares of Puma Biotechnology during the first quarter worth $667,000. Finally, Kessler Investment Group LLC raised its position in shares of Puma Biotechnology by 37.1% in the first quarter. Kessler Investment Group LLC now owns 27,127 shares of the biopharmaceutical company’s stock worth $1,009,000 after buying an additional 7,338 shares in the last quarter. 80.98% of the stock is currently owned by institutional investors and hedge funds.

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.