Ladenburg starts ‘undervalued and oversold’ PMV with Buy

Ladenburg Thalmann initiated coverage of PMV Pharmaceuticals with a Buy rating and $7 price target. The analyst says PMV trades at a “deep discount” to its intrinsic value and its cash on the balance sheet. The company didn’t fail trials or significantly delay operations, rather, investors don’t view its assets as future blockbusters capable of taking on half of the cancers given that p53 biology involves half of the diagnosed cancers, the analyst tells investors in a research note. The firm believes the stock is “currently undervalued and oversold.”