Craig-Hallum bullish on PMV Pharmaceuticals, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of PMV Pharmaceuticals with a Buy rating and $6 price target as the firm views lead asset rezatapopt as a potential first-in-class p53 reactivator with a near-term opportunity in p53 Y220C/KRAS WT solid tumors. Phase I data has demonstrated efficacy and safety in a range of heavily pretreated solid tumor types, supporting rezatapopt’s potential for a positive outcome in its ongoing pivotal Phase II tumor agnostic study, Craig-Hallum notes. The firm sees a clear opportunity for significant share appreciation as rezatapopt’s signal is further validated.