Pharvaris (PHVS) remains well positioned with its lead drug candidate, deucrictibant, supported by upcoming clinical catalysts and strong commercial potential in the hereditary angioedema treatment market, RBC Capital said in a Thursday note.

According to the report, investor focus is shifting to the Phase III Chapter-3 readout for deucrictibant XR in the third quarter of 2026, which is expected to deliver injectable-like efficacy of around a 70% reduction in attack rates with a clean safety profile. If successful, this could serve as a major catalyst for the stock.

RBC also highlighted pipeline progress, including a planned first-half 2026 NDA filing for the IR formulation and ongoing Phase III enrollment in AAE. Both IR and XR are expected to offer strong efficacy and oral convenience, positioning deucrictibant competitively against injectable and other oral options.

From a commercial standpoint, the firm sees deucrictibant capturing meaningful share across acute and prophylactic use, with peak annual sales potential of about 300 million euros ($346.4 million) for IR, 560 million euros for XR, and an additional 160 million euros from AAE expansion, supported by expected physician willingness to switch patients from existing therapies.

RBC maintained its outperform rating while trimming its price target to $51 from $52.

Price: 28.66, Change: +0.10, Percent Change: +0.35