Tazeen Ahmad, an analyst from Bank of America Securities, reiterated the Sell rating on Pharvaris (PHVS – Research Report). The associated price target is $13.00.
Tazeen Ahmad has given Pharvaris a Sell rating due to a variety of concerns that remain even after the FDA lifted the clinical hold on their drug, deucrictibant, for oral prophylaxis in Hereditary Angioedema (HAE) treatment. While the resolution of the hold is a positive step, Ahmad highlights the historical pattern where Phase 2 results in HAE treatments tend to show more promise than the larger, more varied Phase 3 trials. Additionally, there is an added layer of risk as Pharvaris plans to move forward with an extended-release formulation for Phase 3, which differs from the immediate-release version used in Phase 2 trials. This could lead to a different clinical profile that has yet to be validated.
Moreover, the HAE market is notably competitive, with other companies like Ionis Pharmaceuticals already making significant strides in their clinical programs. Ahmad anticipates that patients will likely gravitate towards the most effective treatment available, which may not be Pharvaris’s offering. Despite the lift of the clinical hold, the updated financial model only slightly improves the outlook, with a minimal increase in the likelihood of success (LoS) from 30% to 40% and a modest increase in the price objective from $11 to $13. This cautious stance reflects the ongoing risks and challenges Pharvaris faces in a crowded and demanding market.
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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.
Read More on PHVS:
- Pharvaris Announces FDA Lifting of the Clinical Hold of Deucrictibant for the Prophylactic Treatment of HAE Attacks
- Pharvaris announces FDA lifting of clinical hold of deucrictibant in HAE attacks
- Pharvaris Provides Business Update and Outlines 2024 Strategic Priorities
- Pharvaris provides business update
- Pharvaris Presents Deucrictibant Clinical Data and Analysis of Endpoints for Trials of On-demand Treatment of HAE at the GA²LEN UCARE Conference 2023
