PHARVARIS | BUY | USD16TP The next big thing in HAE |Initiation of coverage
Pharvaris is developing an oral treatment for hereditary angioedema (HAE), an orphan genetic disorder characterized by swelling attacks that can be treated by a range of treatments either on-demand or prophylactically. Pharvaris' lead asset, PHA121, is a bradykinin B2-receptor (BK B2R) antagonist, a target validated by the standard of care on-demand treatment Firazyr (icatibant). While the company has been recruiting for proof of concept (POC) trials in the on-demand and prophylactic settings, the FDA recently placed a clinical hold. Based on the initial communication, the agency is focused on nonclinical data. We thus believe this is just a slight delay and expect the stock to react positively to the first POC data expected in Q4 2022 in the on-demand (unaffected by the hold). We initiate coverage with a BUY and $16 PT.Analyst: Alex Cogut
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