Puma Biotechnology Receives a Buy from J.P. Morgan

By Jason Carr

J.P. Morgan analyst Cory Kasimov reiterated a Buy rating on Puma Biotechnology (NYSEARCA: PBYI) today and set a price target of $89. The company’s shares opened today at $48.70.

According to TipRanks.com, Kasimov is ranked 0 out of 5 stars with an average return of -10.6% and a 36.4% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as Ionis Pharmaceuticals Inc, Karyopharm Therapeutics, and ACADIA Pharmaceuticals.

Currently, the analyst consensus on Puma Biotechnology is Strong Buy and the average price target is $111, representing a 127.9% upside.

In a report released today, Stifel Nicolaus also reiterated a Buy rating on the stock with a $88 price target.

Based on Puma Biotechnology’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $0 and GAAP net loss of $66.6 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $60.42 million.

Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is neutral on the stock. Most recently, in May 2015, Richard Paul Bryce, the SR VP, CLINICAL RESEARCH & DEV of PBYI bought 30 shares for a total of $2,484.

Puma Biotechnology, Inc. is a development stage biopharmaceutical company. It acquires and develops innovative products for the treatment of various forms of cancer. The company focuses on in-licensing drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seek to further develop those drug candidates for commercial use. Puma Biotechnology was founded by Alan H. Auerbach on September 15, 2010 and is headquartered in Los Angeles, CA.