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Puma Biotechnology director sells $89.9k in stock

Published 2024-06-17, 07:32 p/m
PBYI
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In a recent transaction, Troy Edward Wilson, a director at Puma Biotechnology, Inc. (NASDAQ:PBYI), sold 27,000 shares of the company's common stock. The sale, which took place on June 13, 2024, amounted to a total of $89,901.

The shares were sold at a weighted average price of $3.3297, with individual transactions ranging from $3.2801 to $3.5801. The reported price represents the average of these transactions, and further details on the exact number of shares sold at each price point are available upon request.

Following the sale, Wilson's direct holdings in Puma Biotechnology decreased to 350 shares of common stock. Additionally, indirect holdings through family members—specifically, 400 shares by Child #1 and 150 shares by Child #2—were reported, although no changes in these holdings were disclosed in the filing.

This sale was conducted under a 10b5-1(c) trading plan, which was adopted on December 15, 2023. Such plans allow company insiders to establish pre-arranged plans to buy or sell company stock in accordance with SEC regulations.

Investors often monitor insider transactions as they provide insights into executives' perspectives on the company's current valuation and future prospects. As of the date of the filing, Puma Biotechnology has not issued any comments on the transaction.

In other recent news, Puma Biotechnology has reported noteworthy developments. The biopharmaceutical company announced its inclusion in the Russell 3000 Index, effective from July 1, following the annual reconstitution by Russell Investments. The company's CEO, Alan H. Auerbach, anticipates this move to increase liquidity and exposure to a wider base of institutional investors.

Turning to financial results, Puma Biotechnology's Q1 2024 earnings report revealed a decrease in total and product revenue, with net product revenue from NERLYNX sales falling to $40.3 million. However, new prescriptions for NERLYNX saw a 27% increase from the previous quarter. The company is also actively pursuing clinical trials, including the ALISCA-Lung1 for small cell lung cancer and the upcoming ALISCA-Breast1 for metastatic breast cancer.

In addition, the company is refining its distribution model, focusing on specialty pharmacy channels, and implementing strategies to maintain positive net income by reducing expenses. Puma Biotechnology expects full-year 2024 net NERLYNX product revenue to be between $183 million and $190 million. These are recent developments that reflect the company's ongoing efforts to optimize operations and maintain growth.

InvestingPro Insights

Amidst the news of insider transactions, Puma Biotechnology, Inc. (NASDAQ:PBYI) has shown some intriguing signals in the market. An InvestingPro Tip points out that the company's stock is currently in oversold territory according to the Relative Strength Index (RSI), which can often precede a rebound in stock price. This could be particularly relevant for investors considering the recent insider sale.

Moreover, Puma Biotechnology has been through a rough patch, as the stock has taken a significant hit over the last week, with a price total return of -8.31%, and even more so over the last month, at -21.86%. These declines are reflected in the director's sale price, which was below the company's 52-week high.

From a fundamental perspective, the InvestingPro Data reveals a P/E Ratio (adjusted for the last twelve months as of Q1 2024) of 9.43, which is relatively low and may indicate the stock is undervalued. Additionally, the company's valuation implies a strong free cash flow yield, which could be a positive sign for investors looking for companies with the potential for cash generation.

Analysts predict that Puma Biotechnology will be profitable this year, which aligns with the company's current profitability over the last twelve months. This financial health could provide some reassurance to investors amidst the recent insider selling activity.

For those interested in a deeper analysis, there are additional InvestingPro Tips available for Puma Biotechnology, which can be accessed at Investing.com/pro/PBYI. And for those ready to take advantage of these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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