Douglas M. Hunt, Senior Vice President of Regulatory Affairs at Puma Biotechnology, Inc. (NASDAQ:PBYI), recently sold 8,633 shares of the company's common stock. The shares were sold at a weighted average price of $3.1517, amounting to a total transaction value of $27,208. Following this sale, Hunt retains ownership of 124,594 shares in the company. According to InvestingPro data, PBYI currently trades at a P/E ratio of 6.14 and maintains a "GREAT" financial health score, with a return on equity of 42%.
The transaction was executed under a 10b5-1 trading plan, which was adopted on December 14, 2020. This plan allows company insiders to set up a predetermined schedule for selling stocks, providing a legal avenue to avoid accusations of insider trading. The shares were sold in multiple transactions at prices ranging from $3.11 to $3.2101. InvestingPro analysis shows the company has been profitable over the last twelve months, with revenue of $243.57M and additional valuable insights available in the Pro Research Report.
In other recent news, Puma (OTC:PMMAF) Biotechnology experienced significant growth in its third-quarter revenue for 2024, reaching $80.5 million, a substantial increase from $51.6 million in the same period last year. The increase was primarily attributed to the sales of NERLYNX, the company's leading product, and a substantial rise in royalty revenue from its performance in the Chinese market. Furthermore, Puma's profile was recently strengthened following an endorsement from the National Comprehensive Cancer Network (NCCN), which updated its Clinical Practice Guidelines in Oncology for Cervical Cancer to include Puma's Nerlynx as a treatment option.
In addition, the company is making progress with its ongoing clinical trials, particularly the Phase 2 study of alisertib. The analysts from H.C. Wainwright maintain a "Buy" rating on Puma Biotechnology shares, suggesting that these recent developments could positively impact Nerlynx sales. However, no changes to sales forecasts have been made at this time.
Current estimates for net Nerlynx sales stand at $46.4 million for the fourth quarter of 2024, with projected net product sales of $187.2 million for the full year 2024 and $195.3 million for 2025. These are among the recent developments in Puma Biotechnology's business strategy and financial performance.
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