Pharvaris, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Tazeen Ahmad from Bank of America Securities reiterated a Hold rating on the stock and has a $30.00 price target.
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Tazeen Ahmad has given his Hold rating due to a combination of factors surrounding Pharvaris’s recent developments. The positive results from the phase 3 RAPIDe-3 study for deucrictibant as an on-demand treatment for hereditary angioedema (HAE) were in line with expectations, showing significant efficacy. However, the commercial opportunity for this treatment remains uncertain, particularly as it will be the second oral therapy to market, following KALV’s Ekterly, which already has a first-mover advantage.
While the study showed that 83% of attacks were treated with a single dose, potentially differentiating it from Ekterly, there are differences in retreatment protocols that complicate direct comparisons. Additionally, retreatment rates were not seen as a major concern by key opinion leaders, though they could influence future payor decisions. The safety profile of deucrictibant was favorable, with no discontinuations due to adverse events. Despite these positive aspects, the full potential of the on-demand market is not yet fully de-risked, and further data, particularly for the prophylactic use of deucrictibant, is awaited to assess additional upside potential.