Weiss Ratings Reiterates "Sell (D-)" Rating for PMV Pharmaceuticals (NASDAQ:PMVP)

Key Points

• Weiss Ratings has reiterated a "Sell (D-)" rating for PMV Pharmaceuticals (NASDAQ: PMVP) in a recent research note.
• PMV Pharmaceuticals reported a quarterly earnings per share (EPS) of ($0.41), missing the consensus estimate of ($0.39).
• Major shareholder Orbimed Advisors LLC sold 500,000 shares of PMV Pharmaceuticals, reducing their position by 7.72% despite maintaining a significant ownership stake.

PMV Pharmaceuticals (NASDAQ:PMVP - Get Free Report)'s stock had its "sell (d-)" rating restated by stock analysts at Weiss Ratings in a research note issued to investors on Tuesday,Weiss Ratings reports.

PMV Pharmaceuticals Price Performance

PMVP stock traded up $0.14 during mid-day trading on Tuesday, hitting $1.46. 575,709 shares of the stock were exchanged, compared to its average volume of 497,768. The business has a fifty day moving average price of $1.41 and a 200 day moving average price of $1.19. PMV Pharmaceuticals has a 12 month low of $0.81 and a 12 month high of $1.84. The stock has a market capitalization of $77.31 million, a price-to-earnings ratio of -0.92 and a beta of 1.51.

PMV Pharmaceuticals (NASDAQ:PMVP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.02). As a group, equities analysts forecast that PMV Pharmaceuticals will post -1.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Orbimed Advisors Llc sold 500,000 shares of PMV Pharmaceuticals stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $1.80, for a total value of $900,000.00. Following the transaction, the insider owned 5,975,291 shares in the company, valued at $10,755,523.80. This trade represents a 7.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PMV Pharmaceuticals

Hedge funds have recently modified their holdings of the company. BML Capital Management LLC raised its holdings in shares of PMV Pharmaceuticals by 33.4% during the second quarter. BML Capital Management LLC now owns 5,000,000 shares of the company's stock valued at $5,300,000 after purchasing an additional 1,252,388 shares during the last quarter. Stonepine Capital Management LLC increased its holdings in PMV Pharmaceuticals by 34.2% during the second quarter. Stonepine Capital Management LLC now owns 845,968 shares of the company's stock valued at $897,000 after buying an additional 215,785 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in PMV Pharmaceuticals by 128.7% during the second quarter. Assenagon Asset Management S.A. now owns 263,059 shares of the company's stock valued at $279,000 after buying an additional 148,021 shares during the last quarter. Peapod Lane Capital LLC boosted its position in shares of PMV Pharmaceuticals by 9.8% in the first quarter. Peapod Lane Capital LLC now owns 489,370 shares of the company's stock worth $533,000 after purchasing an additional 43,626 shares during the period. Finally, Shay Capital LLC bought a new position in shares of PMV Pharmaceuticals in the second quarter worth approximately $26,000. Hedge funds and other institutional investors own 90.20% of the company's stock.

About PMV Pharmaceuticals

PMV Pharmaceuticals, Inc, a precision oncology company, engages in the discovery and development of small molecule and tumor-agnostic therapies for p53 mutations in cancer. It's lead product candidate is PC14586, a small molecule that corrects mutant p53 protein containing the Y220C mutation and restores wild-type p53 function.

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