Alan H. Auerbach, the President and CEO of Puma Biotechnology, Inc. (NASDAQ:PBYI), a profitable biotech company with a market cap of $144 million and attractive P/E ratio of 6.1, recently sold 33,841 shares of the company's common stock. According to InvestingPro analysis, the company is currently trading below its Fair Value. The shares were sold at a weighted average price of $3.1517, resulting in a total transaction value of approximately $106,656. Following this transaction, Auerbach retains ownership of 7,029,674 shares in the company. The sale was conducted under a 10b5-1 trading plan, which was adopted on December 17, 2020. InvestingPro subscribers can access detailed analysis, including 6 key ProTips and a comprehensive Pro Research Report covering PBYI's financial health and growth prospects.
In other recent news, Puma (OTC:PMMAF) Biotechnology has been making significant strides. The company's profile was elevated 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. This recommendation is specific for patients with HER2-mutated tumors to use Nerlynx for recurrent or metastatic disease as a second-line or subsequent therapy. According to an analyst from H.C. Wainwright, this development could positively impact Nerlynx sales, although no changes to sales forecasts have been made at this time.
In addition, Puma Biotechnology reported a substantial increase in its third-quarter revenue for 2024, reaching $80.5 million, a notable rise from $51.6 million in the same period last year. This growth was primarily driven by the sales of Nerlynx, the company's flagship product, and a significant increase in royalty revenue due to its performance in the Chinese market. The company anticipates full-year 2024 net product revenue for Nerlynx to be between $187 million and $290 million.
These are recent developments that highlight Puma Biotechnology's progress. The company continues to make advancements, particularly with the Phase 2 study of alisertib and its commercial strategies to enhance Nerlynx utilization. Puma expects to maintain a positive net income trajectory and has provided forecasts for the upcoming quarter and fiscal year.
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