Puma Biotechnology Gets a Buy Rating from Cowen & Co.

By Ryan Adsit

Cowen & Co. analyst Chris Shibutani reiterated a Buy rating on Puma Biotechnology (NYSEArca: PBYI) yesterday and set a price target of $91. The company’s shares opened today at $82.35, close to its 52-week high of $92.

Shibutani commented:

“Full presentation of the APHINITY trial results were mostly in line with expectations.”

According to TipRanks.com, Shibutani is a 4-star analyst with an average return of 16.5% and a 57.4% success rate. Shibutani covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Lexicon Pharmaceuticals, and Five Prime Therapeutics.

Currently, the analyst consensus on Puma Biotechnology is Strong Buy and the average price target is $94.67, representing a 15.0% upside.

In a report issued on May 22, Citigroup also reiterated a Buy rating on the stock with a $88 price target.

The company has a one year high of $92 and a one year low of $27.64. Currently, Puma Biotechnology has an average volume of 1.64M.

Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is negative on the stock. Last month, Richard Paul Bryce, the SR VP, CLINICAL RESEARCH & DEV of PBYI bought 30 shares for a total of $2,484.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.