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    Pharvaris (NasdaqGS:PHVS): Reassessing Valuation After RAPIDe-3 Phase 3 Success and Deucrictibant Commercial Progress

    Simply Wall St·12/14/2025 13:11:45
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    Pharvaris (NasdaqGS:PHVS) just flagged a major milestone, with its RAPIDe-3 Phase 3 data set to anchor global marketing applications for deucrictibant, potentially reshaping how hereditary angioedema (HAE) is treated worldwide.

    See our latest analysis for Pharvaris.

    Investors seem to be weighing this clinical momentum carefully, with the latest share price at $24.16 and a roughly 30% year to date share price return, while the three year total shareholder return above 220% points to powerful long term momentum rather than a short lived spike.

    If you are tracking how late stage drug developers like Pharvaris can change a portfolio’s risk profile, it may be worth exploring healthcare stocks for more potential opportunities.

    With pivotal data in hand, a potential first in class oral HAE franchise, and the stock still trading at roughly half of consensus target price, is Pharvaris a mispriced growth story, or are markets already discounting its next leg higher?

    Price-to-Book of 4.3x: Is it justified?

    On a price-to-book basis, Pharvaris trades around 4.3 times its book value, a premium that makes the current $24.16 share price look demanding against the broader US pharmaceuticals group.

    The price-to-book multiple compares the market value of the company to its net assets, a common yardstick for early stage biopharma businesses that lack meaningful revenue or profits. For Pharvaris, it matters because investors are effectively paying for the future potential of deucrictibant and the broader HAE franchise rather than today’s income statement.

    Relative to the wider US Pharmaceuticals industry, where the average price-to-book ratio sits closer to 2.6 times, Pharvaris looks clearly more expensive and bakes in a richer set of expectations. However, when lined up against a closer peer set, its 4.3 times book value actually comes in below the 5.5 times peer average, suggesting the market is assigning it a discount to similar high potential names even while it screens expensive versus the sector overall.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-book of 4.3x (OVERVALUED)

    However, setbacks in Phase 3 execution or delays in converting deucrictibant into meaningful revenue could quickly challenge today’s premium relative valuation.

    Find out about the key risks to this Pharvaris narrative.

    Build Your Own Pharvaris Narrative

    If you see the story differently or want to stress test the assumptions with your own data view, you can build a complete narrative yourself in just a few minutes: Do it your way.

    A great starting point for your Pharvaris research is our analysis highlighting 3 important warning signs that could impact your investment decision.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.