Report
Jacob Mekhael

Pharvaris Initiation: A new pill's on the way to keep the swelling at bay

Pharvaris is a Dutch biotech developing deucrictibant for HAE, a rare genetic disease with a $3bn market, in both the on-demand and prophylactic settings. We see Pharvaris as an attractive investment case underpinned by deucrictibant's de-risked B2R target, competitive phase 2 results setting it up to be the only high efficacy oral option, in addition to a validated commercial opportunity for more convenient orals as evidenced by competitor Orladeyo's successful launch despite sub-par efficacy. We are confident in the upcoming phase 3 readouts in HAE on-demand (1Q26) and prophylaxis (2H26), and initiate coverage with a $32 TP and Buy rating.
Underlying
Pharvaris NV

Provider
KBC Securities
KBC Securities

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Analysts
Jacob Mekhael

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