Pharvaris up after Wedbush initiates stock coverage with 'outperform' rating

Pharvaris NV

25/09/2023 17:28

** Shares of Switzerland-based drug developer Pharvaris
 PHVS.O  rise 4.7% to $21.3 
    ** Brokerage Wedbush initiates stock coverage with
"outperform" rating, PT of $27 
    ** Says with the hereditary angioedema (HAE) space just
heating up, it sees co's on-demand experimental drug PHVS416 as
an acute HAE therapy
    ** HAE is a disease characterized by recurrent episodes of
severe swelling of the skin and mucous membranes
    ** Wedbush projects PHVS416 launch by FY26, sees FY30
revenue reaching $644 mln 
    ** Eyes on proof-of-concept study data for PHVS416, expected
by year-end
    ** Also assumes clinical hold on co's experimental     
once-daily prophylactic treatment for the prevention of HAE
attacks will be lifted 
    ** Including session's gain, co's stock up ~89%  YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))