Oppenheimer Upgrades PMV Pharmaceuticals Inc. (PMVP) to Outperform

Oppenheimer analyst Jeff Jones upgraded PMV Pharmaceuticals Inc. (NASDAQ: PMVP) from Perform to Outperform with a price target of $6.00.

The analyst comments "On Thursday, PMV Pharmaceuticals reported 3Q results and provided a business update. The Phase 2/pivotal monotherapy trial for rezatapopt remains on track with interim results anticipated mid-2025. As noted in October (press release), PMVP terminated the combination study with Keytruda due to a lack of a therapeutic window. Cash of $198M as of the end of 3Q is anticipated to support operations through 2026. We have remained on the sidelines since January (note), but now upgrade to Outperform from Perform, given the valuation discrepancy vs. cash (market capitalization is less than one-half of current cash) and upcoming interim readout. We set our price target at $6, a key consideration being limited investment in rezatapopt beyond the pivotal study."

For an analyst ratings summary and ratings history on PMV Pharmaceuticals Inc. click here. For more ratings news on PMV Pharmaceuticals Inc. click here.

Shares of PMV Pharmaceuticals Inc. closed at $1.78 yesterday.

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