PMV Pharmaceuticals (NASDAQ:PMVP) Share Price Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• PMV Pharmaceuticals shares rose above their 200-day moving average, reaching $1.39 before closing at $1.38, compared with the $1.30 average.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $4.33, despite one Sell rating.
• The clinical-stage oncology company reported a quarterly loss of $0.34 per share, beating estimates of $0.39, while institutional investors own approximately 90.2% of the stock.

PMV Pharmaceuticals, Inc. (NASDAQ:PMVP - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $1.30 and traded as high as $1.39. PMV Pharmaceuticals shares last traded at $1.38, with a volume of 348,869 shares.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Weiss Ratings upgraded PMV Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, September 24th. HC Wainwright restated a "buy" rating and set a $5.00 price target on shares of PMV Pharmaceuticals in a research note on Friday, September 4th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of PMV Pharmaceuticals in a report on Wednesday, July 8th. They set a "buy" rating and a $3.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $4.33.

PMV Pharmaceuticals Price Performance

The firm has a market capitalization of $73.77 million, a PE ratio of -0.97 and a beta of 1.36. The firm's fifty day moving average is $1.38 and its two-hundred day moving average is $1.30.

PMV Pharmaceuticals (NASDAQ:PMVP - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.39) by $0.05. As a group, equities research analysts predict that PMV Pharmaceuticals, Inc. will post -1.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC bought a new stake in shares of PMV Pharmaceuticals in the second quarter valued at approximately $41,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of PMV Pharmaceuticals during the 2nd quarter valued at approximately $43,000. Susquehanna International Group LLP bought a new position in PMV Pharmaceuticals in the 2nd quarter worth approximately $50,000. Cooper Haims Advisors LLC bought a new position in PMV Pharmaceuticals in the 2nd quarter worth approximately $52,000. Finally, Rangeley Capital LLC grew its stake in PMV Pharmaceuticals by 46.9% in the 1st quarter. Rangeley Capital LLC now owns 66,846 shares of the company's stock valued at $83,000 after buying an additional 21,346 shares in the last quarter. 90.20% of the stock is owned by institutional investors.

About PMV Pharmaceuticals

PMV Pharmaceuticals, Inc is a clinical-stage precision oncology company focused on developing therapies that target cancer-causing mutations in the tumor suppressor protein p53. The company aims to discover and develop small-molecule medicines designed to restore the normal tumor-suppressing function of mutant p53 proteins.

PMV's lead product candidate is rezatapopt, also known as PC14586, an investigational oral therapy designed to selectively target the p53 Y220C mutation. This mutation occurs in a range of solid tumors, and rezatapopt is being evaluated for its potential to reactivate the altered p53 protein and inhibit cancer-cell growth.

Founded in 2013 and headquartered in Cranbury, New Jersey, PMV Pharmaceuticals is advancing rezatapopt through clinical development in patients with advanced solid tumors containing the p53 Y220C mutation.

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