Pharvaris Deucrictibant HAE on-demand phase 3 hits all endpoints

Our initiation thesis is materialising as Pharvaris reported topline phase 3 results for deucrictibant in on-demand HAE, which met the primary and all secondary endpoints, leading the stock to close approx. +22%. Acknowledging the limitations of cross-trial comparison, deucrictibant particularly stands out on time to complete symptom resolution being 12 hours vs. >24 hours with Ekterly, and 83% of attacks resolved with 1 dose vs. <60% with Ekterly – we think this will be an important differentiator both for patients and payers. We update our model to increase our POS, which lands us at a new TP of $ 36 (from $ 29). We continue view Pharvaris as uniquely positioned with potentially a best-in-class option for both the on-demand and prophylactic settings, and reiterate our BUY rating.