HC Wainwright Reaffirms "Buy" Rating for Pharvaris (NASDAQ:PHVS)

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Pharvaris and maintained a $60 price target, implying 56.32% upside from the prior close.
• Pharvaris shares rose 8.9% to $38.38, while analysts overall hold a “Moderate Buy” consensus with an average target price of $51.08.
• The company reported a quarterly loss of $0.81 per share, missing estimates by $0.06; insiders have also sold approximately 118,655 shares worth $4.19 million over the past quarter.

Pharvaris (NASDAQ:PHVS - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at HC Wainwright in a research note issued on Tuesday, Benzinga reports. They presently have a $60.00 price target on the stock. HC Wainwright's price target suggests a potential upside of 56.32% from the company's previous close.

A number of other equities research analysts have also weighed in on PHVS. Wells Fargo & Company initiated coverage on shares of Pharvaris in a report on Wednesday, July 15th. They issued an "overweight" rating and a $55.00 target price on the stock. Wedbush reissued an "outperform" rating and set a $42.00 price objective on shares of Pharvaris in a report on Tuesday. New Street Research set a $60.00 price objective on Pharvaris in a research note on Friday, August 14th. HSBC upgraded Pharvaris to an "overweight" rating in a report on Thursday, August 13th. Finally, Wall Street Zen cut Pharvaris from a "hold" rating to a "sell" rating in a research report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.08.

Pharvaris Stock Up 8.9%

NASDAQ:PHVS traded up $3.13 during trading hours on Tuesday, reaching $38.38. The company had a trading volume of 3,774,112 shares, compared to its average volume of 358,838. The business's 50-day simple moving average is $34.79 and its two-hundred day simple moving average is $31.12. Pharvaris has a twelve month low of $20.65 and a twelve month high of $43.25. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -12.63 and a beta of -2.33.

Pharvaris (NASDAQ:PHVS - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.75) by ($0.06). As a group, equities analysts predict that Pharvaris will post -3.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Anne Lesage sold 30,703 shares of the firm's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $35.49, for a total transaction of $1,089,649.47. Following the completion of the sale, the insider owned 93,969 shares in the company, valued at approximately $3,334,959.81. This trade represents a 24.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Berndt Modig sold 2,292 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $34.77, for a total transaction of $79,692.84. Following the completion of the transaction, the chief executive officer owned 130,625 shares in the company, valued at approximately $4,541,831.25. The trade was a 1.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 118,655 shares of company stock valued at $4,188,002.

Hedge Funds Weigh In On Pharvaris

Several institutional investors and hedge funds have recently bought and sold shares of PHVS. Alyeska Investment Group L.P. lifted its holdings in Pharvaris by 225.5% during the second quarter. Alyeska Investment Group L.P. now owns 406,829 shares of the company's stock valued at $14,068,000 after purchasing an additional 281,829 shares during the last quarter. Seven Fleet Capital Management LP raised its position in shares of Pharvaris by 472.3% in the first quarter. Seven Fleet Capital Management LP now owns 316,697 shares of the company's stock valued at $8,947,000 after purchasing an additional 261,355 shares during the period. PSP Research LLC purchased a new stake in shares of Pharvaris during the 4th quarter valued at approximately $569,000. BlackRock Inc. bought a new position in Pharvaris in the 2nd quarter worth approximately $26,677,000. Finally, DV Trading LLC purchased a new position in Pharvaris in the 1st quarter valued at approximately $4,067,000.

About Pharvaris

Pharvaris is a clinical-stage biopharmaceutical company focused on discovering and developing novel oral therapies for rare bradykinin-driven diseases. The company's core mission is to address conditions characterized by uncontrolled activation of the plasma kallikrein-kinin system, with a primary emphasis on hereditary angioedema (HAE), a debilitating disorder marked by recurrent swelling episodes.

The company's lead program, PHA121, is an investigational once-daily oral plasma kallikrein inhibitor designed for prophylactic treatment of HAE and is advancing through clinical trials.

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