Oncology firm PMV Pharma falls on $51 mln stock-and-warrants sale
PMVP•PMV Pharma shares fall after pricing stock-and-warrants sale
Shares of precision oncology firm PMV Pharmaceuticals PMVP.O fell 8.2% to $1.11 premarket after the follow-on was priced.
The company late Monday announced pricing of about 22.1 million shares and pre-funded warrants to buy 19.9 million shares at $1.21, matching their last close, for about $50.8 million in gross proceeds.
The stock and pre-funded warrants were sold in combination with accompanying warrants to buy about 41.96 million shares at an exercise price of $1.21.
Proceeds to fund rezatapopt development and regulatory plans
The company, which has 53.46 million shares outstanding, intends to use net offering proceeds to fund late-stage clinical development, regulatory submission and commercialization preparation activities for its drug, rezatapopt, among other purposes, according to the prospectus.
After the bell Monday, Princeton, New Jersey-based PMV Pharmaceuticals announced that its drug rezatapopt had a 46% response rate in a Phase 2 platinum-resistant/refractory ovarian cancer trial, and that it anticipates submitting a rezatapopt new drug application with the U.S. FDA for ovarian cancer in Q1 2027.
TD Cowen was sole bookrunner for the equity offering.
Through Monday, PMVP stock was down 3% year to date. All six analysts covering the stock are bullish, with a median price target of $4, according to LSEG.
