Promising Developments in PMV Pharmaceuticals’ PYNNACLE Phase 2 Trial Boost Buy Rating
TD Cowen analyst Yaron Werber has maintained a Buy rating on PMV Pharmaceuticals (PMVP) stock, citing promising developments in the PYNNACLE Phase 2 trial for ovarian cancer, which reported a 46% overall response rate and an 8-month median duration of response. The company has a strong financial position with $129 million in cash, supporting potential drug application filings. H.C. Wainwright also reiterated a Buy rating with a $5.00 price target, indicating strong investment potential for PMVP.
TD Cowen analyst Yaron Werber has maintained their bullish stance on PMVP stock, giving a Buy rating today.
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Yaron Werber has given his Buy rating due to a combination of factors surrounding PMV Pharmaceuticals’ promising developments in their PYNNACLE Phase 2 trial. The trial has shown impressive initial results in treating ovarian cancer, with a 46% overall response rate (ORR) and a median duration of response (mDOR) of 8 months, which surpasses the management’s expectations and is significantly better than the current standard of care.
The ongoing recruitment of additional ovarian cancer patients aims to further solidify the dataset, with full data expected by the end of 2026. The company’s financial position is strong, with $129 million in cash providing a runway until the first quarter of 2027, supporting the potential for a new drug application filing. Werber sees rezatapopt as a compelling acquisition target for mid-cap biopharmaceutical companies, enhancing its attractiveness as a solid investment opportunity.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $5.00 price target.
