Pharvaris price target raised to $11 from $8 at BofA

BofA analyst Tazeen Ahmad raised the firm’s price target on Pharvaris to $11 from $8 and keeps an Underperform rating on the shares after the company announced the Phase 2 CHAPTER-1 trial evaluating deucrictibant as a prophylactic treatment for HAE achieved its primary endpoint. While “encouraged” by the positive data, which “provides some validation for deucrictibant’s clinical activity as a prophylactic treatment,” the firm continues to look for color on some key aspects and highlights that the prophylactic HAE program remains on clinical hold in the U.S.