PMV Pharmaceuticals Q2 loss narrows on lower R&D expenses

Overview

• US precision oncology firm's Q2 net loss narrowed yr/yr due to lower RD and GA costs

• Company completed enrollment for Phase 2 PYNNACLE trial in platinum-resistant/refractory ovarian cancer

• PMV Pharma plans rezatapopt NDA submission for ovarian cancer in Q1 2027

Outlook

• Company plans to submit rezatapopt NDA for ovarian cancer in Q1 2027

• Company expects cash runway through Q2 2027

Result Drivers

• LOWER RD COSTS - Co said decrease in research and development expenses was mainly due to reduced contract research organization costs for rezatapopt program

• REDUCED GA EXPENSES - Co attributed lower general and administrative costs to reduced personnel expenses and decreased finance support costs

Company press release: ID:nGNX8CnVwX

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology medical research peer group is "buy"

• Wall Street's median 12-month price target for PMV Pharmaceuticals, Inc. is $4.00, about 229.2% above its August 13 closing price of $1.22

Reuters Recommended Reads

• Aug 11 - Cardiff Oncology Q2 operating expenses fall on lower RD costs

• Aug 13 - Aktis Oncology Q2 net loss widens on higher RD, administrative costs

• Aug 12 - Aprea Therapeutics Q2 net loss widens on higher RD costs

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)