Oncology firm PMV Pharma falls on $51 mln stock-and-warrants sale

The Toronto-Dominion Bank

01/09/2026 12:16

** Shares of precision oncology firm PMV Pharmaceuticals PMVP.O down 8.2% to $1.11 premarket after follow-on priced
** Co late Mon announced ~22.1 mln shares and pre-funded warrants to buy 19.9 mln shares at $1.21, matching their last close, for ~$50.8 mln gross proceeds
** Stock and pre-funded warrants sold in combination with accompanying warrants to buy ~41.96 mln shares at exercise price of $1.21
** Co, which has 53.46 mln 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, per the prospectus
** After the bell Mon, Princeton, NJ-based PMVP announced its drug, rezatapopt, had 46% response rate in Phase 2 platinum-resistant/refractory ovarian cancer trial, and that it anticipates submitting rezatapopt new drug application with U.S. FDA for ovarian cancer in Q1 2027
** TD Cowen sole bookrunner for the equity offering
** Through Mon, PMVP stock down 3% YTD
** All six analysts covering the stock are bullish; median PT $4, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))