PMV Pharmaceuticals (NASDAQ:PMVP) Shares Up 2.9% – Time to Buy?

PMV Pharmaceuticals, Inc. (NASDAQ:PMVP)’s stock price traded up 2.9% on Tuesday . The stock traded as high as $1.2750 and last traded at $1.24. 170,542 shares changed hands during trading, a decline of 34% from the average daily volume of 257,683 shares. The stock had previously closed at $1.2050.

Analysts Set New Price Targets

Several research analysts have issued reports on PMVP shares. Oppenheimer decreased their target price on shares of PMV Pharmaceuticals from $6.00 to $5.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Weiss Ratings downgraded PMV Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 23rd. Evercore raised PMV Pharmaceuticals to a “strong-buy” rating in a report on Monday, April 13th. Finally, LADENBURG THALM/SH SH assumed coverage on PMV Pharmaceuticals in a report on Wednesday. They issued a “buy” rating and a $3.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, PMV Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $4.00.

PMV Pharmaceuticals Stock Down 0.8%

The company has a market cap of $66.13 million, a P/E ratio of -0.83 and a beta of 1.33. The business has a fifty day simple moving average of $1.23 and a two-hundred day simple moving average of $1.27.

PMV Pharmaceuticals (NASDAQ:PMVP) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.07. On average, equities analysts predict that PMV Pharmaceuticals, Inc. will post -1.45 EPS for the current fiscal year.

Institutional Trading of PMV Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PMVP. Eversept Partners LP bought a new stake in shares of PMV Pharmaceuticals during the 1st quarter valued at $2,912,000. Assenagon Asset Management S.A. raised its holdings in 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 period. Boothbay Fund Management LLC purchased a new position in PMV Pharmaceuticals during the third quarter valued at $282,000. Bridgeway Capital Management LLC lifted its position in PMV Pharmaceuticals by 115.5% during the third quarter. Bridgeway Capital Management LLC now owns 320,653 shares of the company’s stock valued at $449,000 after purchasing an additional 171,853 shares in the last quarter. Finally, Tang Capital Management LLC grew its holdings in PMV Pharmaceuticals by 3.2% during the fourth quarter. Tang Capital Management LLC now owns 4,940,000 shares of the company’s stock valued at $6,175,000 after purchasing an additional 154,799 shares during the period. 90.20% of the stock is owned by hedge funds and other institutional investors.

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. 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.