Puma Biotechnology Inc (PBYI) Earns “Buy” Rating from Citigroup Inc.

Puma Biotechnology Inc (NYSE:PBYI)‘s stock had its “buy” rating reiterated by investment analysts at Citigroup Inc. in a research note issued to investors on Monday, May 22nd, Marketbeat.com reports. They currently have a $88.00 price objective on the biopharmaceutical company’s stock. Citigroup Inc.’s price target points to a potential upside of 12.97% from the company’s previous close.

Several other research analysts have also issued reports on PBYI. Royal Bank of Canada cut their price target on Puma Biotechnology from $48.00 to $17.00 and set a “sector perform” rating on the stock in a report on Thursday, March 2nd. Credit Suisse Group restated an “outperform” rating and issued a $58.00 target price on shares of Puma Biotechnology in a report on Tuesday, April 18th. Stifel Nicolaus restated a “buy” rating and issued a $88.00 target price on shares of Puma Biotechnology in a report on Wednesday, April 19th. Finally, Zacks Investment Research upgraded Puma Biotechnology from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Tuesday, May 16th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $86.94.

Analyst Recommendations for Puma Biotechnology (NYSE:PBYI)

Puma Biotechnology (NYSE PBYI) traded down 0.76% during midday trading on Monday, reaching $77.90. 1,418,413 shares of the company traded hands. The company has a 50-day moving average price of $57.52 and a 200-day moving average price of $41.84. Puma Biotechnology has a 12-month low of $27.64 and a 12-month high of $92.00. The company’s market cap is $2.88 billion.

Puma Biotechnology (NYSE:PBYI) last announced its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($1.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.06) by $0.09. On average, analysts predict that Puma Biotechnology will post ($8.50) earnings per share for the current fiscal year.

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In other Puma Biotechnology news, major shareholder Adage Capital Partners Gp, L.L sold 247,260 shares of the firm’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $80.32, for a total value of $19,859,923.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 1,990,088 shares of company stock valued at $157,553,113 over the last three months. Company insiders own 22.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Credit Suisse AG boosted its position in shares of Puma Biotechnology by 97.9% in the first quarter. Credit Suisse AG now owns 82,644 shares of the biopharmaceutical company’s stock valued at $3,075,000 after buying an additional 40,890 shares during the period. Redmile Group LLC boosted its position in shares of Puma Biotechnology by 33.7% in the first quarter. Redmile Group LLC now owns 1,725,414 shares of the biopharmaceutical company’s stock valued at $64,185,000 after buying an additional 435,274 shares during the period. Endurant Capital Management LP acquired a new stake in Puma Biotechnology during the first quarter valued at about $1,101,000. Boxer Capital LLC acquired a new stake in Puma Biotechnology during the first quarter valued at about $3,720,000. Finally, Weiss Multi Strategy Advisers LLC acquired a new stake in Puma Biotechnology during the first quarter valued at about $335,000. Institutional investors own 80.98% of the company’s 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 development and commercialization rights to over three drug candidates, including PB272 (neratinib (oral)), PB272 (neratinib (intravenous)) and PB357.

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