Robert Burns, an analyst from H.C. Wainwright, reiterated the Buy rating on PMV Pharmaceuticals. The associated price target is $5.00.
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Robert Burns’s rating is based on the promising interim data from the Phase 2 PYNNACLE trial, which evaluated rezatapopt in various solid tumors. The trial results showed a notable overall response rate (ORR) of 33% in efficacy-evaluable patients, with particularly strong results in the ovarian cancer cohort, where the ORR reached 43%. These outcomes are comparable to other treatments like Elahere and relacorilant, supporting the potential for a New Drug Application (NDA) filing with the FDA.
Additionally, Robert Burns considers the valuation and risks associated with PMV Pharmaceuticals. The company employs a discounted cash flow approach, projecting a market value of $286 million with a 10% probability of approval for rezatapopt. Despite potential risks such as clinical setbacks and approval challenges, the positive trial data and strategic plans for further patient enrollment and NDA submission underpin the Buy rating and the $5 per share price target for the next 12 months.
According to TipRanks, Burns is an analyst with an average return of -10.8% and a 35.20% success rate. Burns covers the Healthcare sector, focusing on stocks such as Exelixis, Replimune Group, and BioNTech SE.