Pharvaris B.V. (PHVS) Stock Forecast & Price Target

Pharvaris is viewed favorably because deucrictibant has produced compelling Phase 3 proof-of-concept in HAE prophylaxis, with an 83% monthly attack-rate reduction overall and 87% in Type 1/2 patients, closely matching injectable-like efficacy while preserving the convenience of a once-daily oral therapy. The commercial opportunity is meaningful, as survey work suggests an 81-90% attack-rate reduction could drive about a 49% prescription rate and roughly a $2.5B U.S. opportunity before discounts, supporting a maintained peak U.S. sales estimate of $1.2B and rising confidence in broader market share. Financially, the company ended 2Q26 with $363M in cash, implying runway into 2028, which reduces near-term dilution risk while it advances pivotal treatment and prevention programs and collects longer-term data in RAPIDe-2 and CHAPTER-4.

Pharvaris is viewed negatively because its value is heavily concentrated in a single mechanism and a single therapeutic area, leaving the company exposed to pipeline and regulatory setbacks if deucrictibant underperforms in either treatment or prevention of HAE attacks. Although the data show an 87% reduction versus placebo and 46% of patients attack free, the presence of Grade 3 infections and ALT elevations, plus concerns that chronic oral B2 antagonism may face safety issues and less proven efficacy than injectable therapy, weakens confidence in broad adoption. Financially, the company is expected to keep generating net losses until commercialization and likely through the early launch phase, may need additional capital with dilutive impact, and faces a crowded HAE market where slow uptake could limit shareholder returns.