Two Pills, One Target: Analyst Bets on Pharvaris as Clinical Risks Fade

Bank of America Securities on Friday upgraded Pharvaris N.V. (NASDAQ:PHVS), citing an attractive entry point with clinical risk largely removed.

Upgrades Pharvaris On Reduced Clinical Risk

The company’s lead drug, deucrictibant, is a small-molecule bradykinin B2 receptor antagonist currently in clinical development.

Pharvaris is developing two oral formulations of deucrictibant for prophylactic and on-demand treatment for hereditary angioedema (HAE), a rare, genetic condition characterized by sudden, recurrent episodes of severe, non-itchy tissue swelling (angioedema) in the face, limbs, intestinal tract and airways.

Bank of America wrote, “This would make PHVS the only company with oral options in both settings.” Offering deucrictibant for both on-demand and prophylactic use could also support bundling and marketing strategies.

FDA Review Timeline

Analyst Tazeen Ahmad upgraded from Neutral to Buy with a price forecast of $44, noting that shares have pulled back since the positive Phase 3 prophylaxis data in September, which does not reflect a change in fundamentals given continued positive feedback from post-data KOL checks.

A New Drug Application (NDA) for deucrictibant for on-demand treatment is currently under review with the U.S. Food and Drug Administration (FDA), with a decision date of April 23, 2027. A European application is also under review.

Prophylaxis Market Share Projections

Analyst Ahmad said post-data key opinion leader (KOL) feedback remains positive, with physicians viewing deucrictibant’s Phase 3 prophylaxis data as comparable to injectable treatments.

KOLs were unconcerned about two cases of elevated liver enzymes and do not expect routine liver monitoring.

They see deucrictibant as a potential preferred first-line oral option for new patients, though switching from injectables and BioCryst Pharmaceuticals Inc.’s (NASDAQ:BCRX) Orladeyo (berotralstat) may be limited.

Over time, oral drugs could capture 30%-50% of the prophylaxis market. Peak prophylaxis sales are estimated at $917 million, assuming a 2028 launch.

Competition and Commercial Outlook

Deucrictibant’s on-demand formulation would follow KalVista Pharmaceuticals Inc.’s Ekterly (sebetralstat), launched in mid-2025, as the second oral on-demand option.

While competition and the shift toward prophylaxis limit its potential, the launch could build physician and payer familiarity ahead of the planned first-half 2027 prophylaxis NDA filing.

PHVS Price Action: Pharvaris shares were up 2.74% at $31.52 at the time of publication on Friday, according to Benzinga Pro data.

Image via Shutterstock/ Leka Sergeeva