Pharvaris (NASDAQ:PHVS) Upgraded at Bank of America

Key Points

• Bank of America upgraded Pharvaris to “buy” from “neutral” and set a $44 price target, implying roughly 40% upside from the prior close.
• Analyst sentiment is broadly positive: 14 analysts rate the stock a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average target price of $59.53.
• Pharvaris shares closed at $31.41, while the company recently missed quarterly EPS expectations; insiders also sold approximately $18.6 million worth of stock over the past quarter.

Pharvaris (NASDAQ:PHVS - Get Free Report) was upgraded by research analysts at Bank of America from a "neutral" rating to a "buy" rating in a report released on Friday, Marketbeat Ratings reports. The firm presently has a $44.00 price target on the stock. Bank of America's price objective would suggest a potential upside of 40.08% from the company's previous close.

A number of other analysts also recently issued reports on the stock. New Street Research set a $60.00 price target on shares of Pharvaris in a report on Friday, August 14th. Royal Bank Of Canada increased their price target on shares of Pharvaris from $52.00 to $62.00 and gave the stock an "outperform" rating in a report on Wednesday, September 9th. Citizens Jmp increased their price target on shares of Pharvaris from $75.00 to $79.00 and gave the stock a "market outperform" rating in a report on Wednesday, September 9th. Guggenheim increased their price target on shares of Pharvaris from $40.00 to $44.00 and gave the stock a "buy" rating in a report on Thursday, September 10th. Finally, HSBC raised shares of Pharvaris to an "overweight" rating in a report on Thursday, August 13th. Fourteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.53.

Pharvaris Stock Performance

NASDAQ PHVS traded up $0.73 during mid-day trading on Friday, reaching $31.41. 621,705 shares of the stock were exchanged, compared to its average volume of 444,257. The business's 50 day moving average is $34.06 and its 200-day moving average is $32.52. Pharvaris has a 1 year low of $21.02 and a 1 year high of $43.25. The company has a market capitalization of $2.05 billion, a P/E ratio of -10.30 and a beta of -2.46.

Pharvaris (NASDAQ:PHVS - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.75) by ($0.06). Equities analysts predict that Pharvaris will post -3.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Peng Lu sold 100,000 shares of Pharvaris stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $35.00, for a total value of $3,500,000.00. Following the sale, the president owned 64,953 shares in the company, valued at $2,273,355. This trade represents a 60.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO David W. Nassif sold 6,000 shares of Pharvaris stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $36.47, for a total transaction of $218,820.00. Following the completion of the sale, the chief financial officer owned 114,300 shares in the company, valued at approximately $4,168,521. This trade represents a 4.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 513,102 shares of company stock valued at $18,643,666. 11.84% of the stock is owned by company insiders.

Institutional Trading of Pharvaris

Several institutional investors have recently modified their holdings of PHVS. Engineers Gate Manager LP acquired a new stake in shares of Pharvaris in the second quarter valued at about $1,143,000. Amundi lifted its stake in shares of Pharvaris by 61.4% in the second quarter. Amundi now owns 49,944 shares of the company's stock worth $1,727,000 after buying an additional 18,992 shares in the last quarter. Moore Capital Management LP purchased a new position in shares of Pharvaris in the second quarter worth about $1,522,000. Alyeska Investment Group L.P. lifted its stake in shares of Pharvaris by 225.5% in the second quarter. Alyeska Investment Group L.P. now owns 406,829 shares of the company's stock worth $14,068,000 after buying an additional 281,829 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Pharvaris by 12.9% in the second quarter. Wellington Management Group LLP now owns 2,392,934 shares of the company's stock worth $82,748,000 after buying an additional 274,034 shares in the last quarter.

About Pharvaris

Pharvaris N.V. NASDAQ: PHVS is a biopharmaceutical company focused on developing oral therapies for hereditary angioedema (HAE), a rare genetic disorder that causes recurrent episodes of swelling. The company was founded in 2015 by individuals with experience in HAE drug development and aims to provide convenient, non-injectable treatment options for patients.

Pharvaris' lead investigational product is deucrictibant, an oral bradykinin B2 receptor antagonist designed for use both as an on-demand treatment for HAE attacks and as a preventive therapy.