Pharvaris Receives Multiple Upgrades Amid Strong Earnings Report

Pharvaris (NASDAQ: PHVS) has recently been upgraded by Wall Street Zen from a “sell” rating to a “hold” rating, reflecting a positive shift in investor sentiment towards the clinical-stage biopharmaceutical company. This upgrade came on the heels of Pharvaris announcing its quarterly earnings results on November 12, 2023, where it reported an earnings per share (EPS) of ($0.70), surpassing analysts’ expectations of ($0.78) by $0.08.

Several other analysts have also weighed in on Pharvaris. On November 13, HC Wainwright reaffirmed its “buy” rating and set a target price of $60.00 per share. Meanwhile, JMP Securities adjusted its price target from $55.00 to $52.00, maintaining a “market outperform” rating. In a separate report, Zacks Research elevated Pharvaris from a “strong sell” to a “hold” rating on August 18, 2023. Furthermore, Morgan Stanley raised its target price from $34.00 to $37.00, assigning an “overweight” rating on November 14, while Wedbush increased its target from $27.00 to $30.00.

Given these evaluations, the consensus among analysts shows a favorable outlook. According to MarketBeat, Pharvaris currently holds an average rating of “Moderate Buy” with an average price target of $37.57.

Institutional Holdings and Market Activity

Recent institutional activity also highlights growing interest in Pharvaris. Notably, BNP Paribas Asset Management Holding S.A. acquired a new position in the second quarter valued at approximately $57,000. Additionally, JPMorgan Chase & Co. increased its holdings by 30.6% during the same period, now owning 3,342 shares worth around $59,000 after purchasing an additional 783 shares.

In the third quarter, China Universal Asset Management Co. Ltd. also entered a new position valued at approximately $75,000. The Public Employees Retirement System of Ohio boosted its stake by 39.3%, now holding 6,269 shares valued at $156,000. Furthermore, Legal & General Group Plc increased its holdings by 17.2%, now owning 11,550 shares worth $203,000.

About Pharvaris

Founded as a clinical-stage biopharmaceutical company, Pharvaris focuses on developing and commercializing therapies for rare diseases. Its lead product, PHA121, is a small molecule bradykinin B2-receptor antagonist aimed at treating hereditary angioedema (HAE). The company is also advancing PHVS416, a rapid exposure soft capsule for acute HAE attacks currently in Phase 2 clinical trials, and PHVS719, a prophylactic extended-release tablet for HAE patients in Phase 1 clinical trials.

As Pharvaris continues its clinical development and navigates market dynamics, the recent upgrades and supportive analyst ratings may bolster investor confidence in its future growth trajectory.