PMV Pharmaceuticals (NASDAQ:PMVP) Announces Earnings Results, Beats Estimates By $0.05 EPS

PMV Pharmaceuticals (NASDAQ:PMVP) released its 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 Performance

Shares of NASDAQ:PMVP traded up $0.04 during trading on Friday, hitting $1.26. 189,817 shares of the company’s stock were exchanged, compared to its average volume of 307,718. PMV Pharmaceuticals has a 52-week low of $1.02 and a 52-week high of $1.88. The business’s 50-day simple moving average is $1.20 and its 200 day simple moving average is $1.28.

Analyst Ratings Changes

A number of analysts have commented on PMVP shares. Oppenheimer reduced their price target on PMV Pharmaceuticals from $6.00 to $5.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. LADENBURG THALM/SH SH began coverage on PMV Pharmaceuticals in a research report on Wednesday, July 8th. They set a “buy” rating and a $3.00 price objective on the stock. Finally, Weiss Ratings raised shares of PMV Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PMVP. Walleye Capital LLC grew its holdings in PMV Pharmaceuticals by 20.6% during the 4th quarter. Walleye Capital LLC now owns 335,694 shares of the company’s stock valued at $420,000 after buying an additional 57,235 shares in the last quarter. State Street Corp lifted its holdings in shares of PMV Pharmaceuticals by 16.2% in the fourth quarter. State Street Corp now owns 183,178 shares of the company’s stock worth $229,000 after buying an additional 25,600 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of PMV Pharmaceuticals by 30.5% in the fourth quarter. Jane Street Group LLC now owns 498,641 shares of the company’s stock worth $623,000 after buying an additional 116,591 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of PMV Pharmaceuticals by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 446,140 shares of the company’s stock worth $558,000 after acquiring an additional 14,320 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of PMV Pharmaceuticals by 457.5% during the third quarter. Bank of America Corp DE now owns 162,496 shares of the company’s stock worth $227,000 after acquiring an additional 133,349 shares during the last quarter. 90.20% of the stock is currently owned by 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.