Pharvaris' Deucrictibant Shows Promising Efficacy and Safety in RAPIDe-3 Study, Analyst Sets Buy Rating with Increased Price TargetWe are updating our model following the disclosure of Pharvaris' (PHVS, OP) positive topline data from the RAPIDe-3 study; our PT moves to $38 (from $28) and we reiterate our Outperform rating. This morning, the company reported overwhelmingly positive results from the Ph.3 RAPIDe-3 study (NCT06343779), which explored deucrictibant (PHA121), an oral small-molecule antagonist of the bradykinin B2 receptor (B2R), as an on-demand treatment for hereditary angioedema (HAE) attacks. See our first take (Pharvaris' HAEDay is the Mark). On the primary endpoint of focus, the median time to onset of symptom relief, this was 1.28 hours for deucrictibant, which is aligned with the top end of our base case (our preview here), and appears competitive with KalVista's (KALV, OP) Ekterly (sebetralstat).