Pharvaris' Promising Oral Treatment Solutions For Treating Swollen Blood Vessels - Analyst Sees 35% Upside

Wedbush has initiated coverage on Pharvaris N.V. PHVS, noting that the company stands out as one of the players with their strategy to develop and advance oral therapeutic options in both the acute and prophylactic settings for hereditary angioedema (HAE).

Analyst Laura Chico initiates with an Outperform rating, with a price target of $27 target. 

The analyst says to have witnessed a substantial evolution in the HAE therapeutic landscape over the past decade.

Pharvaris distinguishes itself as a key player, focusing on developing and promoting oral treatment solutions for acute and preventive scenarios.

The analyst estimates are skewed toward PHVS416 (immediate-release deucrictibant capsule) as an acute HAE therapy with a projected launch by FY26 and FY30 revenue reaching $644 million. 

Removal of clinical hold from the PHVS719 (extended-release deucrictibant tablet) program will be lifted, and successful advancement to the prophylactic market will occur. Wedbush notes that if the clinical hold resolution occurs in 2024, a commercial launch can be realized by FY28.

Upcoming CHAPTER-1 data (YE23) should offer important proof-of-concept for this agent as a prophylactic therapy.

In June, the FDA lifted the clinical hold on the Investigational New Drug application for deucrictibant for the on-demand treatment of HAE (PHVS416 program) after reviewing data from a preplanned interim analysis of the ongoing 26-week nonclinical study.

Pharvaris expects to submit data from this 26-week nonclinical study by the end of 2023, addressing the remaining hold on the IND application for deucrictibant prophylactic HAE treatment (PHVS719 program).

Price Action: PHVS shares are up 1.94% at $20.72 on the last check Monday.