Connor Clark & Lunn Investment Management Ltd. Buys Shares of 642,946 Puma Biotechnology, Inc. $PBYI

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Puma Biotechnology, Inc. (NASDAQ:PBYI) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 642,946 shares of the biopharmaceutical company’s stock, valued at approximately $5,214,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Barclays PLC lifted its position in shares of Puma Biotechnology by 1.9% during the 4th quarter. Barclays PLC now owns 81,434 shares of the biopharmaceutical company’s stock worth $485,000 after buying an additional 1,553 shares during the last quarter. Cerity Partners LLC grew its position in Puma Biotechnology by 18.2% in the fourth quarter. Cerity Partners LLC now owns 12,072 shares of the biopharmaceutical company’s stock valued at $72,000 after acquiring an additional 1,862 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Puma Biotechnology by 39.7% during the third quarter. BNP Paribas Financial Markets now owns 8,056 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 2,290 shares in the last quarter. Kathmere Capital Management LLC raised its stake in Puma Biotechnology by 9.8% during the first quarter. Kathmere Capital Management LLC now owns 29,779 shares of the biopharmaceutical company’s stock worth $190,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Baron Wealth Management LLC lifted its holdings in shares of Puma Biotechnology by 8.2% in the first quarter. Baron Wealth Management LLC now owns 38,278 shares of the biopharmaceutical company’s stock worth $245,000 after acquiring an additional 2,886 shares during the last quarter. Institutional investors own 61.29% of the company’s stock.

Puma Biotechnology Price Performance

PBYI opened at $9.24 on Friday. Puma Biotechnology, Inc. has a fifty-two week low of $4.30 and a fifty-two week high of $9.51. The company’s 50 day moving average price is $8.34 and its two-hundred day moving average price is $7.42. The firm has a market capitalization of $476.97 million, a price-to-earnings ratio of 17.77 and a beta of 1.22.

Puma Biotechnology (NASDAQ:PBYI) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.15. The firm had revenue of $56.50 million during the quarter, compared to the consensus estimate of $53.00 million. Puma Biotechnology had a net margin of 11.50% and a return on equity of 20.76%. As a group, equities research analysts predict that Puma Biotechnology, Inc. will post 0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. TD Cowen raised their price target on shares of Puma Biotechnology from $5.00 to $6.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Puma Biotechnology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings raised shares of Puma Biotechnology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.00.

Insiders Place Their Bets

In other Puma Biotechnology news, insider Douglas M. Hunt sold 8,460 shares of Puma Biotechnology stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $8.26, for a total transaction of $69,879.60. Following the transaction, the insider directly owned 196,841 shares of the company’s stock, valued at approximately $1,625,906.66. The trade was a 4.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jay M. Moyes sold 22,000 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $7.22, for a total value of $158,840.00. Following the completion of the sale, the director owned 58,322 shares in the company, valued at $421,084.84. This trade represents a 27.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 132,028 shares of company stock valued at $1,006,711 over the last ninety days. 22.20% of the stock is currently owned by corporate insiders.

Puma Biotechnology Profile

Puma Biotechnology, Inc is a late‐stage biopharmaceutical company dedicated to the development and commercialization of targeted therapies for oncology patients. Founded in 2010 and headquartered in Los Angeles, California, the company focuses on advancing molecularly defined cancer treatments that address significant unmet medical needs.

The company’s lead product is neratinib, marketed under the brand name Nerlynx in the United States. Neratinib is an irreversible small‐molecule tyrosine kinase inhibitor designed to target the HER2 receptor, and it received FDA approval in 2017 for extended adjuvant treatment of early‐stage HER2-positive breast cancer.