PMV Pharmaceuticals (NASDAQ:PMVP) Trading Up 2.5% – What’s Next?

PMV Pharmaceuticals, Inc. (NASDAQ:PMVP)’s stock price was up 2.5% on Wednesday . The stock traded as high as $1.29 and last traded at $1.25. Approximately 327,283 shares traded hands during trading, an increase of 33% from the average daily volume of 247,003 shares. The stock had previously closed at $1.22.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of PMV Pharmaceuticals in a report on Monday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.00.

PMV Pharmaceuticals Price Performance

The company has a market capitalization of $66.51 million, a price-to-earnings ratio of -0.78 and a beta of 1.47. The firm has a fifty day simple moving average of $1.31 and a 200 day simple moving average of $1.34.

PMV Pharmaceuticals (NASDAQ:PMVP) last announced its earnings results on Wednesday, November 12th. The company reported ($0.40) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.40). Research analysts predict that PMV Pharmaceuticals, Inc. will post -1.06 EPS for the current year.

Insider Activity

In other news, major shareholder Orbimed Advisors Llc sold 1,000,000 shares of PMV Pharmaceuticals stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $1.52, for a total value of $1,520,000.00. Following the sale, the insider owned 4,975,291 shares in the company, valued at $7,562,442.32. This trade represents a 16.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. increased its stake in PMV Pharmaceuticals by 128.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 263,059 shares of the company’s stock worth $279,000 after buying an additional 148,021 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of PMV Pharmaceuticals by 0.9% during the second quarter. Acadian Asset Management LLC now owns 2,066,137 shares of the company’s stock worth $2,188,000 after purchasing an additional 18,960 shares in the last quarter. BML Capital Management LLC increased its position 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 worth $5,300,000 after purchasing an additional 1,252,388 shares in the last quarter. Stonepine Capital Management LLC raised its stake in PMV Pharmaceuticals by 34.2% in the 2nd quarter. Stonepine Capital Management LLC now owns 845,968 shares of the company’s stock valued at $897,000 after purchasing an additional 215,785 shares during the last quarter. Finally, Shay Capital LLC purchased a new position in PMV Pharmaceuticals in the 2nd quarter valued at $26,000. 90.20% of the stock is owned by hedge funds and other institutional investors.

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.