SCHEDULE: OrbiMed Exits PMV Pharma Stake

OrbiMed Advisors and OrbiMed Capital GP V LLC have ceased to be beneficial owners of more than 5% of PMV Pharmaceuticals, Inc. common stock after significant share sales.

Summary

• This Amendment No. 4 to Schedule 13D is an 'exit filing' for OrbiMed Advisors LLC and OrbiMed Capital GP V LLC (the 'Reporting Persons').
• The Reporting Persons' beneficial ownership of PMV Pharmaceuticals, Inc. common stock decreased by more than 1%.
• As of March 2, 2026, the Reporting Persons ceased to be beneficial owners of more than 5% of PMV Pharmaceuticals' outstanding shares.
• OrbiMed Private Investments V, LP (OPI V) sold 505,000 shares at $1.62 on February 27, 2026.
• OPI V sold an additional 4,470,291 shares at $1.62 on March 2, 2026.
• The total outstanding shares of PMV Pharmaceuticals were 53,211,507 as of September 30, 2025, based on the Issuer's Form 10-Q.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a negative development for PMV Pharmaceuticals, as the complete divestment by a significant institutional investor like OrbiMed can signal a lack of confidence and potentially pressure the stock price.

Negatives

• A significant institutional investor, OrbiMed, has fully divested its stake in PMV Pharmaceuticals, ceasing to be a beneficial owner of more than 5% of the outstanding shares.
• The sales occurred at a price of $1.62 per share, which could indicate a lack of confidence in future price appreciation from OrbiMed's perspective.

Risks

• The exit of a major institutional investor can be perceived as a negative signal by the market, potentially impacting investor confidence and share price.
• Reporting Persons review investments based on factors including the Issuer's business, financial condition, results of operations, prospects, general economic and industry conditions, and securities markets, which could lead to further divestments or lack of investment.

Future Outlook

The Reporting Persons intend to review their investment in the Issuer on an ongoing basis, considering various factors including the Issuer's business, financial condition, and market conditions. They may acquire or dispose of shares in the future, although they currently hold no shares.

Industry Context

StockSavvy.ai notes that the divestment by a specialized healthcare investor like OrbiMed could signal a re-evaluation of PMV Pharmaceuticals' long-term prospects or a reallocation of capital to other opportunities within the biotech sector. Such exits by significant institutional holders are often closely watched by the market and can influence investor sentiment.

Corporate Governance

Related Party Transactions

• OrbiMed GP is the general partner of OPI V, and OrbiMed Advisors is the managing member of OrbiMed GP. This structure grants OrbiMed Advisors and OrbiMed GP discretionary investment management authority over OPI V's assets, including voting and disposition power over securities.

Stakeholder Impact

• Shareholders: Existing shareholders may experience downward pressure on the stock price due to the large block sale and the perceived lack of confidence from a major institutional investor.
• Company Management: The company may face increased scrutiny regarding its strategy and performance following a major investor's exit.

Next Steps

• The Reporting Persons will continue to review their investment in the Issuer and may acquire or dispose of shares in the future, though they currently hold 0 shares.
• The Issuer is obligated to use commercially reasonable efforts to effect demand registrations and piggyback registrations under certain conditions as per the Investors' Rights Agreement.

Key Dates

Recommendation

The complete divestment by a major institutional investor like OrbiMed, especially at a specific price point, typically signals a lack of conviction in the company's future prospects. This action could lead to negative market sentiment and potential downward pressure on the stock, making a 'sell' recommendation prudent for investors seeking to avoid further potential losses or reallocate capital.

Keywords

PMV Pharmaceuticals, OrbiMed Advisors, OrbiMed Capital, Schedule 13D/A, beneficial ownership, stock sale, institutional investor, divestment, common stock