Oppenheimer lowered the firm's price target on PMV Pharmaceuticals to $5 from $6 and keeps an Outperform rating on the shares following quarterly results and business update. Rezatapopt continues to demonstrate encouraging results in patients with ovarian cancer whose tumors carry the Y220C mutation in P53 and are wildtype for KRAS. Oppenheimer sees Q1 ending cash of $93.5M as sufficient to meet current operating needs through the NDA filing targeted for Q1 2027, but not to support operations through the approval of rezatapopt, anticipated mid-to-late 2027.
