Puma Biotechnology’s (NYSE:PBYI) Buy Rating Reiterated at Bank of America Corporation

Puma Biotechnology Inc (NYSE:PBYI)‘s stock had its “buy” rating restated by equities researchers at Bank of America Corporation in a note issued to investors on Monday, October 9th. They currently have a $135.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $117.00. Bank of America Corporation’s target price indicates a potential upside of 8.61% from the company’s previous close.

PBYI has been the topic of a number of other reports. Credit Suisse Group boosted their price objective on shares of Puma Biotechnology from $118.00 to $136.00 and gave the company an “outperform” rating in a research report on Monday, September 11th. J P Morgan Chase & Co restated a “buy” rating on shares of Puma Biotechnology in a report on Tuesday, August 1st. Stifel Nicolaus boosted their target price on shares of Puma Biotechnology from $110.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 2nd. BidaskClub upgraded shares of Puma Biotechnology from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 3rd. Finally, Zacks Investment Research cut shares of Puma Biotechnology from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Puma Biotechnology presently has an average rating of “Buy” and a consensus target price of $124.89.

Puma Biotechnology (NYSE:PBYI) traded down 0.28% during midday trading on Monday, reaching $123.95. 94,492 shares of the company’s stock were exchanged. The company’s market cap is $4.61 billion. Puma Biotechnology has a 52 week low of $28.35 and a 52 week high of $127.02. The firm has a 50-day moving average price of $108.65 and a 200 day moving average price of $77.41.

Puma Biotechnology (NYSE:PBYI) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($2.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.32) by ($0.78). Analysts anticipate that Puma Biotechnology will post ($8.69) EPS for the current year.

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In related news, SVP Richard Paul Bryce sold 1,998 shares of the stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $94.48, for a total value of $188,771.04. Following the completion of the sale, the senior vice president now directly owns 27,246 shares of the company’s stock, valued at approximately $2,574,202.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alan H. Auerbach sold 13,175 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $94.73, for a total value of $1,248,067.75. Following the completion of the transaction, the insider now owns 4,170,623 shares of the company’s stock, valued at $395,083,116.79. The disclosure for this sale can be found here. Insiders have sold a total of 45,173 shares of company stock valued at $4,738,189 in the last ninety days. Insiders own 22.70% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Paulson & CO. Inc. boosted its position in shares of Puma Biotechnology by 75.3% during 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 during the last quarter. Ameritas Investment Partners Inc. lifted its position in Puma Biotechnology by 5.9% in the second quarter. Ameritas Investment Partners Inc. now owns 2,522 shares of the biopharmaceutical company’s stock worth $220,000 after buying an additional 140 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Puma Biotechnology by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 22,299 shares of the biopharmaceutical company’s stock worth $1,950,000 after buying an additional 437 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Puma Biotechnology in the second quarter worth $146,000. Finally, Janus Henderson Group PLC bought a new stake in Puma Biotechnology in the second quarter worth $162,302,000. Hedge funds and other institutional investors own 80.98% of the company’s stock.

Puma Biotechnology Company Profile

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.

Analyst Recommendations for Puma Biotechnology (NYSE:PBYI)

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