The Puma Biotechnology Inc (PBYI) Stock Rating Decreased by the … – DailyQuint

Puma Biotechnology Inc (NYSE:PBYI) was downgraded by Zacks Investment Research from a buy rating to a hold rating in a research note issued to investors on Tuesday.

According to Zacks, Pumas progress with the lead candidate, neratinib, has been impressive. Currently, neratinib is under review in both the U.S. and the EU for the treatment of HER2-positive breast cancer. An approval would be a huge boost for the company given the immense commercial potential in the target market. Several additional studies on neratinib targeting different types of breast cancer patient populations are currently underway. Being a development-stage company, Puma does not have any approved product in its portfolio yet. Thus, the company is totally dependent on neratinib for growth. Puma has had its share of setbacks related to neratinib. With so much depending on the successful development and approval of neratinib, any further kind of development or regulatory setback could hamper the companys growth prospects and the stock adversely. Shares of the company have underperformed that of the industry in the past one year.

Other equities research analysts have also recently issued reports about the company. Citigroup Inc. set a $88.00 price target on Puma Biotechnology and gave the company a buy rating in a research note on Tuesday, January 3rd. Stifel Nicolaus reiterated a buy rating and issued a $88.00 price target on shares of Puma Biotechnology in a research note on Wednesday, November 30th. J P Morgan Chase & Co set a $89.00 price target on Puma Biotechnology and gave the company a buy rating in a research note on Monday, November 14th. Cowen and Company restated a market perform rating on shares of Puma Biotechnology in a research note on Tuesday, November 15th. Finally, Credit Suisse Group restated an outperform rating and set a $111.00 target price on shares of Puma Biotechnology in a research note on Tuesday, November 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $68.56.

Puma Biotechnology (NYSE:PBYI) traded up 0.73% on Tuesday, hitting $34.60. Puma Biotechnology has a one year low of $19.74 and a one year high of $73.27. The firms 50-day moving average is $37.28 and its 200-day moving average is $45.81. The companys market capitalization is $1.27 billion.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board increased its position in shares of Puma Biotechnology by 53.2% in the third quarter. Canada Pension Plan Investment Board now owns 16,700 shares of the biopharmaceutical companys stock valued at $1,120,000 after buying an additional 5,800 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Puma Biotechnology by 112.0% in the third quarter. BNP Paribas Arbitrage SA now owns 2,133 shares of the biopharmaceutical companys stock valued at $143,000 after buying an additional 1,127 shares during the period. Northern Capital Management LLC increased its position in shares of Puma Biotechnology by 1.2% in the second quarter. Northern Capital Management LLC now owns 16,288 shares of the biopharmaceutical companys stock valued at $485,000 after buying an additional 190 shares during the period. Traynor Capital Management Inc. bought a new position in shares of Puma Biotechnology during the second quarter valued at about $246,000. Finally, JPMorgan Chase & Co. increased its position in shares of Puma Biotechnology by 31.4% in the second quarter. JPMorgan Chase & Co. now owns 231,875 shares of the biopharmaceutical companys stock valued at $6,907,000 after buying an additional 55,345 shares during the period. Institutional investors own 80.98% of the companys stock.

About Puma Biotechnology

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 global development and commercialization rights to over three drug candidates, including PB272 (neratinib (oral)), which the Company is developing for the treatment of patients with human epidermal growth factor receptor type 2 (HER2), positive breast cancer, and patients with non-small cell lung cancer, breast cancer and other solid tumors that have a HER2 mutation; PB272 (neratinib (intravenous)), which the Company is developing for the treatment of patients with advanced cancer, and PB357, which is an orally administered agent.

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The Puma Biotechnology Inc (PBYI) Stock Rating Decreased by the ... - DailyQuint