PMV Pharmaceuticals (NASDAQ:PMVP) Stock Breaks Below 200-Day Moving Average - Here's What Happened

Key Points

• PMV Pharmaceuticals fell below its 200-day moving average of $1.30, trading as low as $1.20 before last changing hands at $1.275 on 475,606 shares.
• Analyst sentiment remains broadly positive: MarketBeat reports a “Moderate Buy” consensus and a $4.33 average price target, despite mixed rating changes.
• The company reported quarterly EPS of negative $0.34, beating the consensus estimate of negative $0.39; institutional investors and hedge funds own 90.2% of its shares.

PMV Pharmaceuticals, Inc. (NASDAQ:PMVP - Get Free Report) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $1.30 and traded as low as $1.20. PMV Pharmaceuticals shares last traded at $1.2750, with a volume of 475,606 shares changing hands.

Analyst Ratings Changes

Several research firms have commented on PMVP. Wall Street Zen raised shares of PMV Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, October 31st. Weiss Ratings upgraded PMV Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, September 24th. Finally, HC Wainwright reissued a "buy" rating and issued a $5.00 price objective on shares of PMV Pharmaceuticals in a report on Friday, September 4th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, PMV Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $4.33.

PMV Pharmaceuticals Stock Performance

The firm has a market cap of $68.16 million, a price-to-earnings ratio of -0.90 and a beta of 1.52. The business's 50 day moving average price is $1.39 and its 200 day moving average price is $1.30.

PMV Pharmaceuticals (NASDAQ:PMVP - Get Free Report) last announced its quarterly earnings results 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. Sell-side analysts anticipate that PMV Pharmaceuticals, Inc. will post -1.20 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PMV Pharmaceuticals

A number of institutional investors have recently modified their holdings of PMVP. Hsbc Holdings PLC acquired a new position in shares of PMV Pharmaceuticals during the 2nd quarter worth approximately $41,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of PMV Pharmaceuticals during the 2nd quarter valued at approximately $43,000. Susquehanna International Group LLP purchased a new position in shares of PMV Pharmaceuticals during the 2nd quarter valued at approximately $50,000. Cooper Haims Advisors LLC purchased a new position in shares of PMV Pharmaceuticals during the 2nd quarter valued at 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 acquiring an additional 21,346 shares during the period. 90.20% of the stock is currently owned by institutional investors and hedge funds.

PMV Pharmaceuticals Company Profile

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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