Pharvaris N.V. (PHVS) Stock Price & How to Invest

Pharvaris N.V. is a Dutch biopharmaceutical company headquartered in Leiden and listed on Nasdaq as PHVS. It works on one disease: hereditary angioedema (HAE), a rare genetic condition in which uncontrolled bradykinin signaling causes sudden, unpredictable and sometimes life-threatening swelling attacks. Its lead candidate, deucrictibant, is a small-molecule oral bradykinin B2 receptor antagonist developed in two formulations from the same molecule: an immediate-release (IR) capsule for treating attacks as they happen, and an extended-release (XR) tablet for preventing them. The company has no approved products and therefore no product revenue, so the income statement is essentially research spending funded by equity raises.

The investment picture rests on data and dates rather than sales. The registrational Phase 3 RAPIDe-3 study of deucrictibant IR met its primary endpoint and all eleven secondary endpoints, with median onset of symptom relief around 1.28 hours and median complete attack resolution around 11.95 hours; the results were published in The Lancet in October 2026. The FDA accepted the resulting New Drug Application in July 2026 and set a PDUFA target action date of April 23, 2027, which would make deucrictibant the first oral bradykinin B2 receptor antagonist cleared for HAE attacks. On September 8, 2026 Pharvaris reported topline data from CHAPTER-3, the registrational Phase 3 study of deucrictibant XR for prophylaxis: once-daily 40 mg dosing cut investigator-confirmed attacks by ~83% versus placebo over 24 weeks, all secondary endpoints were statistically significant, and no treatment-related serious adverse events were reported. A prevention NDA is planned for the first half of 2027.

Cash and equivalents stood at roughly 318 million euros at June 30, 2026, after a follow-on offering of roughly 132 million dollars, and the stated runway extends into 2028. The second-quarter net loss was ~47.8 million euros. As of October 16, 2026 the shares closed at ~$28.32, up ~7% year to date and ~30% over one year but down ~22% over the past month, for a market capitalization near ~$2.0 billion. Several insiders sold shares in September. A meaningful probability of approval and commercial uptake is already reflected in the price.

The concentration risk is close to total: essentially all of the value sits in one molecule, and a complete response letter, a manufacturing or inspection issue, or a safety signal in longer follow-up would hit both indications at once. CHAPTER-3 showed a higher rate of treatment-emergent adverse events on drug than on placebo, which regulators and prescribers will weigh against the efficacy. The on-demand oral niche is no longer empty, since KalVista's sebetralstat (Ekterly) reached the market first, so deucrictibant IR would arrive as a second oral entrant needing to prove differentiation on speed, dosing or tolerability rather than on novelty alone. Prophylaxis is more crowded still, with BioCryst's oral Orladeyo, Takeda's Takhzyro, CSL's garadacimab and Ionis's donidalorsen already competing, and longer-acting and one-time gene-editing approaches in development behind them. The company is pre-revenue, with a quarterly net loss near ~48 million euros and a trailing net loss of ~171 million, so continued access to equity markets remains part of the model. Finally, even after the October pullback the shares price in a good outcome, which tends to make disappointing news asymmetric.

14 analysts publish price targets on PHVS, averaging $57.69 against a $33.61 price as of November 2026, or +71.6%. The published targets run from $41.04 to $79.06, a moderate spread, and the ratings split 14 buy, 0 hold, 0 sell. Over the last six months there have been 9 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full PHVS forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Pharvaris N.V.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. The deucrictibant IR filing under FDA review. The NDA for the 20 mg immediate-release capsule was accepted in July 2026 with a PDUFA target action date of April 23, 2027, and the registrational RAPIDe-3 data were published in The Lancet in October 2026. The most optimistic published target, $79.06, assumes this works close to its best case.

The case against. The concentration risk is close to total: essentially all of the value sits in one molecule, and a complete response letter, a manufacturing or inspection issue, or a safety signal in longer follow-up would hit both indications at once. The most pessimistic target, $41.04, is roughly what PHVS is worth if this bites instead.

Read the full bull and bear case on PHVS, including what would have to change to break either one. Walnut is not an investment adviser.

No. Pharvaris N.V. (PHVS) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Pharvaris N.V.'s investor relations page or your broker.

• Product revenue: None. No approved products yet
• Cash and equivalents: ~318 million euros at June 30, 2026, essentially no debt
• Net loss: ~47.8 million euros in Q2 2026 (~0.70 per share); ~171 million trailing twelve months
• Free cash flow (TTM): ~-90 million
• Market cap: ~$2.0 billion (shares ~$28.32 on October 16, 2026)
• Cash runway: Guided into 2028

There is no revenue multiple to work with here, because there is no revenue: the valuation is a discounted view of what deucrictibant might sell if approved in both on-demand and prophylactic HAE. The financial statements are reported in euros while the shares trade in dollars, so the cash figure and the market cap are not directly comparable without converting. The 14 covering analysts carry a mean target near ~$58, roughly double the October 16 close, and third-quarter results are expected around mid-November 2026.

Other names that sit close to PHVS: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get PHVS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so PHVS sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where PHVS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

PHVS is a one-molecule, two-market hereditary angioedema story with positive Phase 3 data now in hand for both treatment and prevention and a balance sheet funded into 2028, so what is left to resolve is regulatory and commercial execution rather than whether the science works. As of mid-October 2026 the market values it near ~$2.0 billion, after a ~22% pullback over the past month.

Whether PHVS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PHVS a buy or a sell?, and where the stock could go from here in the PHVS stock forecast.

For income investors, whether PHVS pays a dividend and how the payout looks is covered in does PHVS pay a dividend? And to weigh PHVS against a peer, read the full side-by-side comparisons: PHVS vs HAE and PHVS vs IR.