SVB Leerink initiated coverage of Pharvaris B.V. (NASDAQ:PHVS) with an “outperform” rating and $50 price target. The stock closed at $39.23 on March 1.
Pharvaris is developing therapies for rare diseases, with a focus on hereditary angioedema (HAE), while “leveraging the well-understood and clinically validated bradykinin B2 receptor,” writes analyst Joseph Schwartz. HAE is a disorder characterized by recurrent episodes of severe swelling, or angioedema.
While there are several HAE therapies available, he said many require burdensome subcutaneous injections or infusions, causing patients to delay or forego treatment altogether, creating a high unmet need.
Mr. Schwartz said Pharvaris plans to build a HAE franchise around its lead asset, PHA121, a first-in-class, oral small molecule antagonist of the bradykinin B2 receptor, which has the potential to offer a more convenient and effective therapy.
“We believe the platform is partially de-risked, as Firazyr, an approved therapy for HAE, utilizes this mechanism but requires a painful injection,” he added. In addition, preclinical and early clinical data from a Phase 1 study in healthy volunteers further de-risks the program, as “PHA121 demonstrated oral bioavailability and rapid exposure.”
With a de-risked platform and seasoned management team, “we believe Pharvaris is well positioned as the company continues development of PHA121,” Mr. O’Brien said.
