Pharvaris stock price target lowered to $52 by Citizens JMP

Investing.com - Citizens JMP lowered its price target on Pharvaris B.V. (NASDAQ:PHVS) to $52.00 from $55.00 on Wednesday, while maintaining a Market Outperform rating on the stock. Currently trading at $21.09, the company shows a strong financial position with an InvestingPro Financial Health rating of FAIR and holds more cash than debt on its balance sheet.

The firm expressed confidence in Pharvaris management’s execution, noting that Phase 3 data for deucrictibant for on-demand hereditary angioedema (HAE) treatment is expected next quarter. With a market capitalization of $1.52 billion and a robust current ratio of 11.1, the company appears well-positioned to fund its clinical development programs.

Citizens JMP highlighted three key points of interest in the on-demand setting: KalVista’s Ekterly early launch demand, how Pharvaris’ RAPIDe-3 data compares to Ekterly, and Ekterly’s market entrenchment before a potential Pharvaris launch.

The firm models deucrictibant U.S. launches in 2027 and 2028 for acute and prophylactic settings respectively, with peak sales estimates of approximately $600 million and $1.6 billion.

Citizens JMP also noted that Pharvaris’ plans to expand deucrictibant to acquired angioedema (AAE) are mechanistically sound, with an estimated 1,000 AAE patients in the U.S., of which approximately 800 are currently treated with off-label medications.

In other recent news, Pharvaris N.V. has announced a public offering expected to raise approximately $175 million in gross proceeds. The offering includes 8.25 million ordinary shares priced at $20.00 each and pre-funded warrants for 500,000 shares at $19.99 per warrant, with an option for underwriters to purchase an additional 1.31 million shares. This move is intended to fund the company’s angioedema programs. Meanwhile, BofA Securities has reiterated its Underperform rating for Pharvaris, maintaining a price target of $14.00, as the company awaits data from its pivotal phase 3 study on the HAE therapy deucrictibant. Pharvaris plans to present multiple abstracts on deucrictibant at the upcoming US Hereditary Angioedema Association’s 2025 National Summit. Recent data presented at the European Academy of Allergy and Clinical Immunology Congress highlighted the drug’s efficacy in reducing attacks and improving quality of life. The RAPIDe-2 study showed that deucrictibant provided early-onset symptom relief, with a significant percentage of attacks resolving within 24 hours. These developments reflect Pharvaris’s ongoing efforts in advancing its HAE treatment pipeline.

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