Pharvaris (NASDAQ:PHVS) Raised to Strong-Buy at Wells Fargo & Company

Key Points

• Wells Fargo upgraded Pharvaris to “strong-buy”, adding to a generally bullish analyst backdrop for the biotech stock. The consensus rating remains Moderate Buy, with an average price target of $50.08.
• Pharvaris shares were up 2.1% and opened at $35.16, near their 52-week high of $36.60. The company has a market value of about $2.3 billion.
• The company recently reported a smaller-than-expected loss, posting $(0.70) EPS versus estimates for $(0.82), while insiders have also been active sellers in recent months. Analysts expect Pharvaris to post a full-year EPS of -3.2.

Pharvaris (NASDAQ:PHVS - Get Free Report) was upgraded by investment analysts at Wells Fargo & Company to a "strong-buy" rating in a research note issued to investors on Wednesday,Zacks.com reports.

PHVS has been the topic of a number of other reports. Wall Street Zen upgraded Pharvaris from a "sell" rating to a "hold" rating in a research report on Saturday, June 6th. Citigroup restated a "buy" rating on shares of Pharvaris in a report on Wednesday, April 15th. HC Wainwright restated a "buy" rating on shares of Pharvaris in a report on Tuesday, June 16th. Weiss Ratings restated a "sell (d-)" rating on shares of Pharvaris in a report on Tuesday, April 21st. Finally, UBS Group set a $74.00 target price on Pharvaris in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $50.08.

Pharvaris Trading Up 2.1%

Shares of Pharvaris stock opened at $35.16 on Wednesday. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -11.06 and a beta of -2.34. Pharvaris has a 1-year low of $19.12 and a 1-year high of $36.60. The firm's 50-day moving average price is $31.98 and its two-hundred day moving average price is $28.89.

Pharvaris (NASDAQ:PHVS - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.70) earnings per share for the quarter, beating analysts' consensus estimates of ($0.82) by $0.12. As a group, equities research analysts predict that Pharvaris will post -3.2 EPS for the current year.

Insider Buying and Selling at Pharvaris

In related news, insider Anne Lesage sold 27,872 shares of the company's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $35.48, for a total value of $988,898.56. Following the transaction, the insider owned 58,750 shares in the company, valued at approximately $2,084,450. This represents a 32.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anna Nijdam sold 2,670 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $30.87, for a total value of $82,422.90. Following the completion of the transaction, the insider directly owned 46,275 shares in the company, valued at $1,428,509.25. The trade was a 5.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 303,356 shares of company stock worth $9,746,065 in the last ninety days. Insiders own 11.84% of the company's stock.

Hedge Funds Weigh In On Pharvaris

A number of hedge funds have recently added to or reduced their stakes in PHVS. GF Fund Management CO. LTD. bought a new position in shares of Pharvaris in the fourth quarter worth $35,000. CoreCap Advisors LLC acquired a new position in Pharvaris during the 2nd quarter worth approximately $93,000. Barclays PLC acquired a new position in shares of Pharvaris during the fourth quarter worth $77,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Pharvaris in the fourth quarter valued at about $86,000. Finally, JPMorgan Chase & Co. raised its holdings in Pharvaris by 30.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,342 shares of the company's stock valued at $59,000 after buying an additional 783 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.