PMV Pharmaceuticals (NASDAQ:PMVP) Posts Earnings Results, Beats Expectations By $0.05 EPS

PMV Pharmaceuticals (NASDAQ:PMVP) announced its quarterly earnings results on Friday. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.05, FiscalAI reports.

PMV Pharmaceuticals Stock Up 3.7%

PMV Pharmaceuticals stock traded up $0.04 during mid-day trading on Friday, reaching $1.26. 189,817 shares of the stock traded hands, compared to its average volume of 307,718. PMV Pharmaceuticals has a 12-month low of $1.02 and a 12-month high of $1.88. The business’s 50-day moving average is $1.20 and its 200-day moving average is $1.28.

Analysts Set New Price Targets

Several equities research analysts recently commented on PMVP shares. Weiss Ratings raised PMV Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday. Oppenheimer reduced their price target 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. Finally, LADENBURG THALM/SH SH initiated coverage on shares of PMV Pharmaceuticals in a report on Wednesday, July 8th. They set 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 issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PMVP. XTX Topco Ltd grew its stake in shares of PMV Pharmaceuticals by 144.3% during the 4th quarter. XTX Topco Ltd now owns 104,485 shares of the company’s stock valued at $131,000 after purchasing an additional 61,723 shares during the period. Tang Capital Management LLC lifted its stake in shares of PMV Pharmaceuticals by 3.2% in the 4th quarter. Tang Capital Management LLC now owns 4,940,000 shares of the company’s stock worth $6,175,000 after purchasing an additional 154,799 shares during the period. Bridgeway Capital Management LLC boosted its holdings in shares of PMV Pharmaceuticals by 33.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 428,853 shares of the company’s stock worth $536,000 after buying an additional 108,200 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of PMV Pharmaceuticals by 349.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 27,434 shares of the company’s stock worth $34,000 after buying an additional 21,334 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in shares of PMV Pharmaceuticals by 101.8% in the fourth quarter. Squarepoint Ops LLC now owns 26,502 shares of the company’s stock worth $33,000 after buying an additional 13,367 shares during the last quarter. 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.