Wellington Management Group LLP Purchases New Stake in Puma Biotechnology, Inc. $PBYI

Wellington Management Group LLP acquired a new stake in shares of Puma Biotechnology, Inc. (NASDAQ:PBYI) during the second quarter, Holdings Channel reports. The fund acquired 126,091 shares of the biopharmaceutical company’s stock, valued at approximately $1,023,000.

A number of other hedge funds have also bought and sold shares of the company. Royal Bank of Canada grew its position in shares of Puma Biotechnology by 244.5% in the 1st quarter. Royal Bank of Canada now owns 4,320 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 3,066 shares in the last quarter. Legal & General Group Plc acquired a new stake in shares of Puma Biotechnology in the 2nd quarter worth about $35,000. Cerity Partners LLC bought a new stake in Puma Biotechnology in the 2nd quarter valued at about $36,000. BNP Paribas Financial Markets lifted its position in Puma Biotechnology by 39.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 8,056 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 2,290 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new position in Puma Biotechnology during the 4th quarter valued at about $60,000. 61.29% of the stock is currently owned by institutional investors and hedge funds.

Puma Biotechnology Stock Down 0.5%

Shares of PBYI opened at $9.12 on Friday. The firm has a 50-day moving average price of $8.64 and a 200 day moving average price of $7.61. The firm has a market capitalization of $470.77 million, a PE ratio of 17.54 and a beta of 1.24. Puma Biotechnology, Inc. has a 52-week low of $4.30 and a 52-week high of $9.73.

Puma Biotechnology (NASDAQ:PBYI) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.04 by $0.15. Puma Biotechnology had a net margin of 11.50% and a return on equity of 20.76%. The firm had revenue of $56.50 million for the quarter, compared to analysts’ expectations of $53.00 million. On average, equities analysts expect that Puma Biotechnology, Inc. will post 0.37 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Puma Biotechnology

In other Puma Biotechnology news, CEO Alan H. Auerbach sold 44,058 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $8.26, for a total value of $363,919.08. Following the completion of the sale, the chief executive officer directly owned 7,261,671 shares in the company, valued at $59,981,402.46. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Douglas M. Hunt sold 8,460 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $8.26, for a total value 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 22.20% of the company’s stock.

Puma Biotechnology Company 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.