Pharvaris B.V. (PHVS) PT Raised to $75 at Oppenheimer

Oppenheimer analyst Jeff Jones raised the price target on Pharvaris B.V. (NASDAQ: PHVS) to $75.00 (from $50.00) while maintaining a Outperform rating.

The analyst comments "This morning, PHVS reported outstanding efficacy from the pivotal CHAPTER-3 study of deucrictibant XR in HAE prophylaxis (slides, PR). The results landed between our "Bull" and "Best Case" scenarios, as we've outlined previously (Note). The results effectively matched the previously reported Phase 2 results and those of market-leading injectable (SC) Takhzyro, and put PHVS's deucrictibant XR well ahead of BCRX's marketed Orladeyo. This stock has moved higher today, +9% vs. the XBI -1%, with management positioning PHVS as the emerging leader in treating hereditary and other forms of angioedema. We expect a high level of strategic interest in the company and remain buyers here, reiterating our Outperform rating and raising our PT to $75 from $50 based on improved assumptions for PoS and penetration rate."

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