PMV Pharmaceuticals (NASDAQ:PMVP) Stock Jumps 10.8% – Time to Buy?

PMV Pharmaceuticals, Inc. (NASDAQ:PMVP)’s stock price was up 10.8% during mid-day trading on Tuesday. The company 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 equities analysts have recently issued reports on PMVP shares. LADENBURG THALM/SH SH started coverage on shares of PMV Pharmaceuticals in a research note on Wednesday, July 8th. They issued a “buy” rating and a $3.00 price objective on the stock. Weiss Ratings upgraded shares of PMV Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, September 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $5.00 target price on shares of PMV Pharmaceuticals in a report on Friday, September 4th. One 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. According to MarketBeat, PMV Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $4.33.

PMV Pharmaceuticals Trading Up 10.8%

The firm has a market cap of $74.31 million, a price-to-earnings ratio of -0.98 and a beta of 1.36. The company has a 50 day moving average of $1.38 and a 200 day moving average of $1.30.

PMV Pharmaceuticals (NASDAQ:PMVP) last announced its earnings results on Friday, August 14th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.05. Equities analysts forecast that PMV Pharmaceuticals, Inc. will post -1.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Eversept Partners LP bought a new position in PMV Pharmaceuticals during the 1st quarter valued at $2,912,000. BlackRock Inc. purchased a new stake in PMV Pharmaceuticals during the 2nd quarter worth about $1,233,000. Stonepine Capital Management LLC bought a new position in PMV Pharmaceuticals in the 2nd quarter valued at $718,355. Walleye Capital LLC bought a new stake in shares of PMV Pharmaceuticals during the 2nd quarter valued at about $450,000. Finally, Bank of America Corp DE bought a new stake in shares of PMV Pharmaceuticals during the 2nd quarter worth $322,000. Institutional investors own 90.20% of the company’s stock.

PMV Pharmaceuticals Company Profile

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.