PMV Pharmaceuticals (NASDAQ:PMVP) Shares Down 4.1% – Here’s Why

PMV Pharmaceuticals, Inc. (NASDAQ:PMVP)’s stock price dropped 4.1% during trading on Tuesday . The stock traded as low as $1.18 and last traded at $1.18. Approximately 422,161 shares traded hands during trading, an increase of 4% from the average daily volume of 405,617 shares. The stock had previously closed at $1.23.

Analyst Upgrades and Downgrades

PMVP has been the subject of several research analyst reports. Evercore upgraded shares of PMV Pharmaceuticals to a “strong-buy” rating in a research note on Monday, April 13th. Weiss Ratings cut shares of PMV Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. Finally, Oppenheimer cut their target price on shares of PMV Pharmaceuticals from $6.00 to $5.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

PMV Pharmaceuticals Trading Down 1.7%

The stock has a market cap of $61.86 million, a P/E ratio of -0.78 and a beta of 1.36. The company’s fifty day simple moving average is $1.33 and its 200-day simple moving average is $1.29.

PMV Pharmaceuticals (NASDAQ:PMVP) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.07. As a group, analysts expect that PMV Pharmaceuticals, Inc. will post -1.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PMV Pharmaceuticals

Several large investors have recently made changes to their positions in PMVP. Eversept Partners LP bought a new stake in shares of PMV Pharmaceuticals in the 1st quarter worth about $2,912,000. BML Capital Management LLC grew its holdings in shares of PMV Pharmaceuticals by 5.8% in the 3rd quarter. BML Capital Management LLC now owns 5,292,000 shares of the company’s stock worth $7,409,000 after purchasing an additional 292,000 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of PMV Pharmaceuticals by 156.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 360,786 shares of the company’s stock worth $447,000 after purchasing an additional 220,318 shares during the last quarter. Boothbay Fund Management LLC bought a new stake in shares of PMV Pharmaceuticals in the 3rd quarter worth about $282,000. Finally, Bridgeway Capital Management LLC grew its holdings in shares of PMV Pharmaceuticals by 115.5% in the 3rd quarter. Bridgeway Capital Management LLC now owns 320,653 shares of the company’s stock worth $449,000 after purchasing an additional 171,853 shares during the last quarter. Institutional investors own 90.20% of the company’s stock.

PMV Pharmaceuticals Company Profile

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. The company was formerly known as PJ Pharmaceuticals, Inc and changed its name to PMV Pharmaceuticals, Inc in July 2013. PMV Pharmaceuticals, Inc was incorporated in 2013 and is based in Princeton, New Jersey.