Why did Pharvaris N.V. (PHVS) gain traction today?

December 08, 2022 07:12 AM PST | By Rupam Roy

Why did Pharvaris N.V. (PHVS) gain traction today? — Image source: © Alexandersikov | Megapixl.com

Why is it rising?

Pharvaris N.V. is a Switzerland-based clinical-stage healthcare and pharmaceutical firm. The company primarily engages in the production of oral bradykinin B2-receptor antagonists. In addition, it is also advancing new alternatives for injected therapeutics for hereditary angioedema (HAE).

On December 8, Pharvaris N.V. announced positive top-line results from the clinical trial of the RAPIDe-1 Phase 2 study. The clinical study was done to demonstrate statistically significant results of PHVS416 as an oral on-demand treatment for HAE diseases.

The company said that it is likely to present the data generated from the clinical study at future medical meetings.

Meanwhile, as of September 30, 2022, the pharmaceutical firm had cash and cash equivalents of € 198 million, against € 209 million as of December 31, 2021. The decline in the metric reflects increased operating expenses, which was offset by the favorable foreign exchange effects.

Research and development (R&D) expenses of Pharvaris N.V. was € 14.1 million for the latest quarter, as compared to € 9 million in the year-ago period. The company's loss for the quarter totaled € 8.5 million, or € 0.25 apiece, against a loss of € 9.1 million, or € 0.28 apiece, for the quarter that ended September 30, 2021.

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Bottom line:

The price of the PHVS stock was up 51.34 per cent at 9:34 am ET on December 8, to trade at US$ 3.95, while its trading volume was over 9.46 million during writing. The stock closed at US$ 2.51 on Wednesday, December 7.

In the clinical study, the company said that it had enrolled 74 patients across 13 countries.

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