Pharvaris (PHVS) remains well-positioned ahead of results from its phase 3 CHAPTER-3 trial of deucrictibant XR, with positive data potentially driving significant upside, RBC Capital Markets said in a note Wednesday.

The analysts said they continue to see a favorable risk/reward setup ahead of the results. They project that results showing at least a 70% reduction in attack rates with clean tolerability could drive about 50% upside, while downside appears more limited at around 30%.

The near-term opportunity in acute hereditary angioedema, or HAE, also remains on track, with a PDUFA date of April 23, 2027, they added.

"The key question that we have been receiving from investors into the CHAPTER-3 readout has been what Pharvaris would need to demonstrate in order to be commercially competitive," the analysts said.

If the trial shows a 77% to 80% reduction in HAE attacks, it could put deucrictibant on par with leading injectable treatments. Strong results could also support significant patient adoption, the analysts added.

RBC raised its price target to $52 from $51 and kept its outperform rating on Pharvaris.

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