PMV Pharmaceuticals (NASDAQ:PMVP) Shares Climb 10.8% - Should You Buy?

Key Points

• PMV Pharmaceuticals shares jumped 10.8% to $1.39, with the stock’s market capitalization at approximately $74.3 million.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $4.33, well above the current share price.
• PMV remains a clinical-stage biotechnology company developing cancer therapies targeting mutated p53 proteins; it reported a quarterly loss of $0.34 per share and is expected to post a full-year loss of $1.26 per share.

PMV Pharmaceuticals, Inc. (NASDAQ:PMVP - Get Free Report) shares shot up 10.8% during trading on Tuesday. The company traded as high as $1.41 and last traded at $1.39. 347,574 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 860,461 shares. The stock had previously closed at $1.2550.

Analysts Set New Price Targets

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

PMV Pharmaceuticals Trading Up 10.8%

The business has a fifty day moving average price of $1.38 and a two-hundred day moving average price of $1.30. The firm has a market capitalization of $74.31 million, a PE ratio of -0.98 and a beta of 1.36.

PMV Pharmaceuticals (NASDAQ:PMVP - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.05. On average, equities analysts forecast that PMV Pharmaceuticals, Inc. will post -1.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PMV Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. BML Capital Management LLC increased its holdings in shares of PMV Pharmaceuticals by 0.5% in the first quarter. BML Capital Management LLC now owns 5,320,000 shares of the company's stock valued at $6,597,000 after purchasing an additional 28,000 shares during the period. Eversept Partners LP purchased a new position in PMV Pharmaceuticals during the first quarter worth about $2,912,000. BlackRock Inc. acquired a new position in PMV Pharmaceuticals in the second quarter valued at $1,233,000. Stonepine Capital Management LLC acquired a new stake in PMV Pharmaceuticals in the 2nd quarter valued at $718,355. Finally, Assenagon Asset Management S.A. increased its stake in PMV Pharmaceuticals by 156.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 360,786 shares of the company's stock worth $447,000 after buying an additional 220,318 shares during the period. 90.20% of the stock is currently owned by hedge funds and other institutional investors.

PMV Pharmaceuticals Company Profile

PMV Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancer. The company's research centers on p53, a tumor-suppressor protein that is frequently altered in cancer, with the goal of developing therapies that restore the protein's function in tumors containing specific p53 mutations.

PMV's lead investigational product is rezatapopt (also known as PC14586), an orally administered small-molecule therapy designed to selectively reactivate the Y220C mutation of p53.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.