Pharvaris Receives Multiple Analyst Upgrades Amid Earnings Report

Pharvaris (NASDAQ:PHVS) has received an upgrade from Wall Street Zen, moving from a “sell” rating to a “hold” rating in a report released on November 11, 2023. This decision follows a series of evaluations from various equity analysts who have recently assessed the company’s stock.

HC Wainwright reaffirmed a “buy” rating for Pharvaris and set a target price of $60.00 in a report dated November 13, 2023. Meanwhile, JMP Securities adjusted their price target from $55.00 to $52.00, maintaining a “market outperform” rating as noted in their analysis on August 13, 2023. Additionally, Zacks Research upgraded Pharvaris from a “strong sell” to a “hold” rating on August 18, 2023.

Morgan Stanley also provided a positive outlook by increasing their target price from $34.00 to $37.00, assigning the stock an “overweight” rating in their report on November 14, 2023. Wedbush further boosted their target price from $27.00 to $30.00, categorizing the stock as “outperform” in their analysis on November 13, 2023.

Overall, seven analysts have rated Pharvaris with a “buy” designation, two have opted for a “hold” rating, and one has issued a “sell” rating. According to MarketBeat, the stock currently holds an average rating of “Moderate Buy” with an average price target of $37.57.

Quarterly Earnings Overview

Pharvaris announced its latest quarterly earnings on November 12, 2023. The company reported earnings per share (EPS) of ($0.70), surpassing analysts’ consensus estimates of ($0.78) by $0.08. Looking ahead, analysts forecast that Pharvaris will record an EPS of ($2.71) for the current fiscal year.

Institutional Investment Activity

Institutional investors have made notable adjustments to their holdings in Pharvaris recently. BNP Paribas Asset Management Holding S.A. established a new position in the company during the second quarter, valued at approximately $57,000. JPMorgan Chase & Co. increased its stake in Pharvaris by 30.6% during the same period, holding 3,342 shares valued at $59,000 after acquiring an additional 783 shares.

In the third quarter, China Universal Asset Management Co. Ltd. invested around $75,000 to acquire a new position in Pharvaris. Additionally, the Public Employees Retirement System of Ohio raised their investment in Pharvaris by 39.3%, now holding 6,269 shares valued at $156,000 after purchasing an extra 1,769 shares in the last quarter. Legal & General Group Plc also increased their holdings by 17.2% during the second quarter, now owning 11,550 shares worth $203,000.

About Pharvaris

Pharvaris N.V. is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for rare diseases. The company is working on PHA121, a small molecule bradykinin B2-receptor antagonist aimed at treating hereditary angioedema (HAE). Additionally, Pharvaris is developing PHVS416, a rapid exposure soft capsule for patients experiencing acute HAE attacks, which is currently undergoing Phase 2 clinical trials. The company is also working on PHVS719, a prophylactic extended-release tablet for HAE patients, which is in Phase 1 clinical trials.

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