PHVS Should I Buy

Leerink raised the firm's price target on Pharvaris to $38 from $28 and keeps an Outperform rating on the shares following the disclosure of the company's positive topline data from the RAPIDe-3 study. This morning, Pharvaris reported overwhelmingly positive results from the Phase 3 RAPIDe-3 study, which explored deucrictibant, an oral small-molecule antagonist of the bradykinin B2 receptor, as an on-demand treatment for hereditary angioedema attacks. The firm thought shares would have moved higher on the outcome, as it views the data as very strong, combined with the validated market opportunity, as demonstrated by the strength in the Ekterly launch. This may be because investors focus primarily on the primary endpoint magnitude, although, Leerink believes that this is just one point of potential differentiation. The firm further thinks the HAE market is large enough for multiple players, especially as it continues to expand with the approval of new options.