PMV Pharmaceuticals (NASDAQ:PMVP) Trading 2.9% Higher – Here’s What Happened

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

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Oppenheimer reduced their target price on PMV Pharmaceuticals from $6.00 to $5.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Weiss Ratings downgraded shares of PMV Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 23rd. Finally, Evercore upgraded shares of PMV Pharmaceuticals to a “strong-buy” rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, PMV Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $5.00.

PMV Pharmaceuticals Stock Performance

The company has a market cap of $66.13 million, a P/E ratio of -0.83 and a beta of 1.33. The stock has a 50-day moving average of $1.24 and a two-hundred day moving average of $1.27.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PMVP. Shay Capital LLC bought a new position in PMV Pharmaceuticals in the 2nd quarter valued at approximately $26,000. Vanguard Group Inc. boosted its position in PMV Pharmaceuticals by 0.4% in the third quarter. Vanguard Group Inc. now owns 2,163,027 shares of the company’s stock worth $3,028,000 after purchasing an additional 9,427 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of PMV Pharmaceuticals by 115.5% during the 3rd 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 during the period. Algert Global LLC bought a new stake in shares of PMV Pharmaceuticals during the 3rd quarter valued at about $87,000. Finally, ArrowMark Colorado Holdings LLC increased its position in shares of PMV Pharmaceuticals by 3.6% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,301,341 shares of the company’s stock valued at $4,622,000 after purchasing an additional 113,225 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.