Puma Biotechnology Inc (NASDAQ:PBYI) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 8,855,600 shares, an increase of 20.6% from the July 31st total of 7,342,100 shares. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is presently 6.5 days. Currently, 26.4% of the shares of the company are sold short.
Several analysts recently weighed in on the company. BidaskClub downgraded Puma Biotechnology from a “hold” rating to a “sell” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. restated a “sell” rating and set a $13.00 target price on shares of Puma Biotechnology in a research note on Monday, August 12th. ValuEngine upgraded Puma Biotechnology from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Goldman Sachs Group reduced their price objective on Puma Biotechnology from $29.00 to $24.00 and set a “neutral” rating for the company in a research report on Wednesday, May 29th. They noted that the move was a valuation call. Finally, Citigroup set a $13.00 price objective on Puma Biotechnology and gave the stock a “hold” rating in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $22.56.
Shares of PBYI stock traded down $0.29 during mid-day trading on Friday, reaching $11.30. The stock had a trading volume of 1,224,300 shares, compared to its average volume of 1,214,547. The firm’s 50 day simple moving average is $10.22 and its 200 day simple moving average is $21.01. The company has a quick ratio of 1.68, a current ratio of 1.72 and a debt-to-equity ratio of 5.39. Puma Biotechnology has a one year low of $8.45 and a one year high of $49.20. The firm has a market cap of $432.96 million, a PE ratio of -3.78 and a beta of 1.60.
Puma Biotechnology (NASDAQ:PBYI) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($0.97) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.90) by ($0.07). Puma Biotechnology had a negative return on equity of 254.09% and a negative net margin of 32.23%. The firm had revenue of $53.90 million during the quarter, compared to the consensus estimate of $53.40 million. During the same quarter in the prior year, the business posted ($0.59) EPS. Puma Biotechnology’s revenue was up 6.1% compared to the same quarter last year. Sell-side analysts forecast that Puma Biotechnology will post -2.67 earnings per share for the current fiscal year.
In related news, insider Alan H. Auerbach sold 12,715 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $9.98, for a total transaction of $126,895.70. Following the completion of the sale, the insider now owns 4,189,525 shares in the company, valued at approximately $41,811,459.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 14,435 shares of company stock valued at $145,302. 21.80% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in PBYI. Nuveen Asset Management LLC bought a new stake in shares of Puma Biotechnology in the 2nd quarter worth approximately $7,716,000. Morgan Stanley raised its holdings in shares of Puma Biotechnology by 273.6% in the 2nd quarter. Morgan Stanley now owns 487,392 shares of the biopharmaceutical company’s stock worth $6,194,000 after buying an additional 356,949 shares in the last quarter. Bogle Investment Management L P DE acquired a new position in shares of Puma Biotechnology in the 2nd quarter worth approximately $3,342,000. Great Lakes Advisors LLC acquired a new position in shares of Puma Biotechnology in the 1st quarter worth approximately $9,882,000. Finally, Acadian Asset Management LLC raised its holdings in shares of Puma Biotechnology by 5,456.6% in the 2nd quarter. Acadian Asset Management LLC now owns 254,714 shares of the biopharmaceutical company’s stock worth $3,236,000 after buying an additional 250,130 shares in the last quarter. Institutional investors own 87.71% 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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