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 pivotal 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 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. Topline data from CHAPTER-3, the pivotal Phase 3 study of deucrictibant XR for prophylaxis, was guided for the third quarter of 2026. Cash and equivalents stood at roughly 247 million euros at March 31, 2026, and a follow-on offering of roughly 132 million dollars completed after quarter end pushed the stated runway into 2028. Against a market capitalization of roughly 2.4 billion dollars, 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. 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, burning roughly 30 million euros a quarter in research and development against a quarterly net loss near 39 million euros, so continued access to equity markets remains part of the model. Finally, at a market capitalization around 2.4 billion dollars the shares already price in a good outcome, which tends to make disappointing news asymmetric.

14 analysts publish price targets on PHVS, averaging $48.42 against a $34.91 price as of August 2026, or +38.7%. The published targets run from $35.51 to $75.21, a wide spread, and the ratings split 13 buy, 1 hold, 0 sell. Over the last six months there have been 2 raises and 2 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. The most optimistic published target, $75.21, 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, $35.51, 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.

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: ~247 million euros at March 31, 2026, plus a ~$132 million follow-on closed after quarter end
• R&D expense: ~30.2 million euros in Q1 2026 (vs ~30.9 million a year earlier)
• Net loss: ~39.2 million euros in Q1 2026 (~0.60 euros per share)
• Market cap: ~$2.4 billion (shares around $35 in early August 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. Second-quarter 2026 results were scheduled for release on August 19, 2026, after the figures above.

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 Phase 3 data in hand and a balance sheet funded into 2028, so what is left to resolve is regulatory and commercial execution rather than whether the science works.

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 IR and PHVS vs BCRX.