PMV Pharmaceuticals (NASDAQ:PMVP) Stock Jumps 10.8% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

PMV Pharmaceuticals Price Performance

The company has a market capitalization of $69.77 million, a price-to-earnings ratio of -0.92 and a beta of 1.36. The business has a fifty day moving average price of $1.38 and a 200 day moving average price of $1.30.

PMV Pharmaceuticals (NASDAQ:PMVP) last released its earnings results on Friday, August 14th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.05. As a group, sell-side analysts predict that PMV Pharmaceuticals, Inc. will post -1.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Eversept Partners LP bought a new stake in shares of PMV Pharmaceuticals in the 1st quarter valued at approximately $2,912,000. BlackRock Inc. acquired a new position in shares of PMV Pharmaceuticals in the 2nd quarter worth approximately $1,233,000. Stonepine Capital Management LLC bought a new position in shares of PMV Pharmaceuticals during the 2nd quarter worth approximately $718,355. Walleye Capital LLC acquired a new stake in PMV Pharmaceuticals in the 2nd quarter valued at $450,000. Finally, Bank of America Corp DE bought a new stake in PMV Pharmaceuticals in the second quarter valued at $322,000. 90.20% of the stock is currently owned by institutional investors and hedge funds.

About PMV Pharmaceuticals

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.