Pharvaris' (PHVS) phase 3 trial of deucrictibant for hereditary angioedema attacks meeting primary and secondary endpoints confirms a differentiated oral on-demand profile, Morgan Stanley said in a Wednesday note.
The company remains on track for new drug application submission to the US Food and Drug Administration in H1 2026, with the prophylactic data readout from the ongoing chapter-3 phase 3 study expected in H2 2026, according to the note.
The firm said that the prophylactic opportunity is larger than on-demand, with Pharvaris guiding to 67% of the population at present, growing to around 80% in terms of value in the prophylactic space.
The firm said it modeled a 65% probability of success for the prophylactic candidate and a 90% probability of success for the on-demand candidate.
Morgan Stanley raised the company's price target to $41 from $37, with an overweight rating.
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