SCHEDULE: OrbiMed Reduces PMV Pharma Stake to 9.4%

OrbiMed Advisors and OrbiMed Capital GP V have reduced their beneficial ownership in PMV Pharmaceuticals, Inc. to 9.4% through recent share sales.

Summary

• OrbiMed Advisors LLC and OrbiMed Capital GP V LLC (the "Reporting Persons") filed an Amendment No. 3 to Schedule 13D, reporting a decrease in their beneficial ownership of PMV Pharmaceuticals, Inc. common stock by more than 1%.
• The Reporting Persons now beneficially own 4,975,291 shares, representing approximately 9.4% of the issued and outstanding common stock of PMV Pharmaceuticals, Inc.
• This percentage is based on 52,990,864 outstanding shares as reported in PMV Pharmaceuticals' Quarterly Report on Form 10-Q for the quarter ending June 30, 2025.
• The decrease in ownership resulted from two sales by OrbiMed Private Investments V, LP (OPI V): 500,000 shares sold on September 10, 2025, at a price of $1.80 per share, and 1,000,000 shares sold on October 23, 2025, at a price of $1.52 per share.

Sentiment

Score: 3

Explanation: The sentiment is moderately negative due to a significant institutional investor reducing its stake, especially at declining prices, which often signals a lack of confidence or a strategic divestment.

Positives

• NA

Negatives

• A significant institutional investor, OrbiMed, reduced its stake in PMV Pharmaceuticals, Inc. by 1,500,000 shares.
• The sales occurred at declining prices, from $1.80 per share on September 10, 2025, to $1.52 per share on October 23, 2025, which may signal a lack of confidence or a negative outlook from the investor.
• The reduction in beneficial ownership to 9.4% could be perceived negatively by the market, potentially impacting investor sentiment and share price.

Risks

• The Reporting Persons' ongoing review of their investment is based on various factors, including the Issuer's business, financial condition, results of operations, and prospects, which are inherent risks for the company.
• General economic and industry conditions, as well as the securities markets in general and for the Issuer's shares in particular, are factors that could influence future investment decisions by OrbiMed, indicating market and industry-specific risks.
• The potential for further disposition of shares by a major investor could exert downward pressure on the stock price.

Future Outlook

The Reporting Persons intend to continuously review their investment in PMV Pharmaceuticals, Inc. based on various factors, including the Issuer's business, financial condition, and market conditions. They may acquire additional shares or dispose of existing shares in the future, depending on market and other factors.

Management Comments

• Carl L. Gordon, a member of OrbiMed Advisors, signed the filing on behalf of both OrbiMed Advisors LLC and OrbiMed Capital GP V LLC.

Industry Context

OrbiMed is a prominent healthcare-focused investment firm. Their decision to reduce a stake in a biotechnology company like PMV Pharmaceuticals could reflect a strategic portfolio adjustment, a re-evaluation of the company's prospects, or broader trends within the biotech sector, such as increased risk aversion or a shift towards other investment opportunities.

Comparison to Industry Standards

• NA

Corporate Governance

Stakeholder Impact

• Shareholders: May experience negative sentiment and potential downward pressure on the stock price due to a major investor reducing its stake.
• Management: The actions of a significant investor like OrbiMed could prompt management to review their strategic direction and investor relations efforts.

Next Steps

• OrbiMed Advisors and OrbiMed Capital GP V will continue to review their investment in PMV Pharmaceuticals, Inc.
• The Reporting Persons may acquire or dispose of additional shares in the future based on their ongoing review and market conditions.

Key Dates

Recommendation

A seasoned investor would likely interpret a significant reduction in stake by a sophisticated biotech investor like OrbiMed, particularly at declining prices, as a strong negative signal. This suggests that OrbiMed may perceive better opportunities elsewhere or has concerns about PMV Pharmaceuticals' future prospects, warranting a 'sell' recommendation.

Keywords

PMV Pharmaceuticals, OrbiMed, Schedule 13D/A, Beneficial Ownership, Share Sales, Institutional Investor, Biotechnology, Investment Management, Equity Stake