Pharvaris price target raised to $13 from $11 at BofA

BofA raised the firm’s price target on Pharvaris (PHVS) to $13 from $11 and keeps an Underperform rating on the shares after the company announced the FDA has lifted the clinical hold on the IND evaluating deucrictibant as an oral prophylaxis hereditary angioedema, or HAE, treatment. The firm highlights the HAE space as “one of the more crowded rare disease markets” with clinical competitor Ionis Pharmaceuticals (IONS) just announcing their phase 3 prophylaxis program met its primary endpoint of reduction in rate of HAE attacks and adds that it continues to assume that most patients will go for the most efficacious drug, regardless of how it is dosed.