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

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

  • Pharvaris N.V. was among the top percentage gainers on Thursday morning.
  • The PHVS stock soared over 51 per cent in the morning trading hours.
  • The company announced its latest quarterly earnings results on December 8.

The stock of the Switzerland-based healthcare firm, Pharvaris N.V. (NASDAQ: PHVS) was among the top percentage gainers in the US market on Thursday, December 8, as seen from the surge in its price.

Soon after trading started on Wall Street Thursday, the PHVS stock went up over 51 per cent, following the firm's earnings release.

So, let's take a quick tour of the financial and stock performances of the firm with Kalkine Media®:

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.

Third quarter earnings highlights of Pharvaris N.V. (PHVS)Source: ©Kalkine Media®; © Canva Creative Studio via Canva.com

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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