Wedbush Reaffirms Outperform Rating for Pharvaris (NASDAQ:PHVS)

Key Points

• Wedbush reaffirmed its “Outperform” rating on Pharvaris and set a $42 price target, implying approximately 19% upside from the stock’s $35.25 opening price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $51.08. Pharvaris shares have traded between $20.65 and $38.13 over the past year.
• The company reported a quarterly loss of $0.81 per share, missing estimates by $0.06, while insiders sold roughly $4.2 million of stock over the past 90 days; several institutional investors nonetheless increased their holdings.

Pharvaris (NASDAQ:PHVS - Get Free Report)'s stock had its "outperform" rating reaffirmed by Wedbush in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $42.00 price objective on the stock. Wedbush's target price would indicate a potential upside of 19.15% from the stock's current price.

Other analysts also recently issued research reports about the stock. Citizens Jmp increased their price objective on shares of Pharvaris from $74.00 to $75.00 and gave the company a "market outperform" rating in a research report on Thursday, August 13th. UBS Group set a $74.00 target price on shares of Pharvaris in a research note on Wednesday, May 13th. Citigroup reaffirmed a "market outperform" rating on shares of Pharvaris in a report on Thursday, August 13th. Guggenheim lifted their price target on shares of Pharvaris from $39.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. Finally, Wells Fargo & Company began coverage on Pharvaris in a research report on Wednesday, July 15th. They issued an "overweight" rating and a $55.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $51.08.

Pharvaris Price Performance

NASDAQ:PHVS opened at $35.25 on Tuesday. The business's 50-day moving average is $34.79 and its two-hundred day moving average is $31.12. Pharvaris has a 12 month low of $20.65 and a 12 month high of $38.13. The firm has a market capitalization of $2.31 billion, a PE ratio of -11.56 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) earnings per share for the quarter, missing the consensus estimate of ($0.75) by ($0.06). Equities analysts anticipate that Pharvaris will post -3.15 EPS for the current year.

Insider Buying and Selling

In other Pharvaris news, 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 value of $79,692.84. Following the sale, the chief executive officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anne Lesage sold 30,703 shares of Pharvaris stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $35.49, for a total transaction of $1,089,649.47. Following the completion of the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 118,655 shares of company stock valued at $4,188,002 over the last 90 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PHVS. Amundi increased its stake in Pharvaris by 61.4% in the 2nd quarter. Amundi now owns 49,944 shares of the company's stock valued at $1,727,000 after buying an additional 18,992 shares during the period. California State Teachers Retirement System boosted its position in Pharvaris by 3,210.1% during the second quarter. California State Teachers Retirement System now owns 799,490 shares of the company's stock worth $27,646,000 after purchasing an additional 775,337 shares during the period. Moore Capital Management LP bought a new stake in Pharvaris during the second quarter worth approximately $1,522,000. Alyeska Investment Group L.P. grew 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. Finally, Wellington Management Group LLP raised its position 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 valued at $82,748,000 after purchasing an additional 274,034 shares during the period.

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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