Pharvaris’s Promising Drug Candidate Deucrictibant Bolsters Buy Rating

In a report released on May 8, Joseph Schwartz from Leerink Partners reiterated a Buy rating on Pharvaris (PHVS – Research Report), with a price target of $32.00.

Joseph Schwartz has given his Buy rating due to a combination of factors surrounding Pharvaris’s recent corporate achievements and the potential of its leading drug candidate. Schwartz acknowledges the company’s consistent progress, particularly with the development of deucrictibant (PHA121), an oral treatment for hereditary angioedema (HAE). The initiation and ongoing patient enrollment in the Phase 3 RAPIDe-3 study, alongside the positive results from the Phase 2 RAPIDe-1 study, underscore the drug’s promise as an on-demand treatment for HAE attacks. Furthermore, the scheduled end-of-Phase-2 meeting with the FDA to discuss deucrictibant’s prophylactic use in HAE, following encouraging Phase 2 CHAPTER-1 study results, highlights the drug’s potential as a convenient and effective treatment option.

Schwartz’s confidence in Pharvaris is also buoyed by the broader unmet need in the HAE market for more accessible treatments. The versatility of deucrictibant, being applicable in both acute and prophylactic settings, positions Pharvaris to capitalize on this opportunity. The reiteration of the Outperform rating and a price target reflect Schwartz’s optimistic view of Pharvaris’s prospects, backed by solid financial execution, as evidenced by the company’s first-quarter financials, and the anticipated alignment with regulatory expectations for upcoming clinical trials.

In another report released yesterday, JMP Securities also reiterated a Buy rating on the stock with a $50.00 price target.

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Pharvaris (PHVS) Company Description:

Pharvaris NV is a clinical-stage company. It is focused on the discovery and development of novel oral bradykinin B2-receptor antagonists for the treatment of hereditary angioedema (HAE) and other bradykinin B2-receptor-mediated indications.