Puma Biotechnology (NASDAQ:PBYI) Shares Cross Above 200 Day Moving Average – Here’s Why

Puma Biotechnology, Inc. (NASDAQ:PBYI)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $6.45 and traded as high as $7.04. Puma Biotechnology shares last traded at $6.81, with a volume of 226,170 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PBYI shares. Weiss Ratings downgraded shares of Puma Biotechnology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wall Street Zen downgraded shares of Puma Biotechnology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Puma Biotechnology has an average rating of “Hold”.

Puma Biotechnology Trading Up 0.3%

The stock has a market capitalization of $357.83 million, a P/E ratio of 14.65 and a beta of 1.21. The company’s 50-day moving average is $7.15 and its two-hundred day moving average is $6.47.

Puma Biotechnology (NASDAQ:PBYI) last issued its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. Puma Biotechnology had a net margin of 10.69% and a return on equity of 20.30%. The business had revenue of $44.81 million for the quarter, compared to analysts’ expectations of $42.00 million. Sell-side analysts expect that Puma Biotechnology, Inc. will post 0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Puma Biotechnology

A number of hedge funds and other institutional investors have recently modified their holdings of PBYI. Russell Investments Group Ltd. raised its stake in shares of Puma Biotechnology by 4,823,365.0% during the third quarter. Russell Investments Group Ltd. now owns 964,693 shares of the biopharmaceutical company’s stock valued at $5,123,000 after purchasing an additional 964,673 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Puma Biotechnology by 238.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 793,962 shares of the biopharmaceutical company’s stock valued at $4,724,000 after purchasing an additional 559,345 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Puma Biotechnology by 410.1% during the fourth quarter. AQR Capital Management LLC now owns 666,605 shares of the biopharmaceutical company’s stock valued at $3,966,000 after purchasing an additional 535,933 shares in the last quarter. Bridgeway Capital Management LLC raised its stake in shares of Puma Biotechnology by 78.4% during the fourth quarter. Bridgeway Capital Management LLC now owns 773,485 shares of the biopharmaceutical company’s stock valued at $4,602,000 after purchasing an additional 339,924 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its stake in shares of Puma Biotechnology by 35.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 1,120,329 shares of the biopharmaceutical company’s stock worth $6,666,000 after buying an additional 292,108 shares in the last quarter. 61.29% of the stock is currently owned by institutional investors.

About Puma Biotechnology

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.