Pharvaris shares surge as treatment for severe swelling meets clinical trial goal

Shares of Pharvaris N.V.
PHVS,
+28.69%
jumped 40% premarket on Wednesday after the Switzerland-based company said an investigational drug met its primary goal in a clinical trial for treatment and prevention of hereditary angioedema attacks. The attacks can provoke rapid and severe swelling of the face, windpipe, hands, feet and other areas. The treatment, deucrictibant, significantly reduced the average monthly attack rate, compared to placebo, and cut moderate and severe attacks by 92%, Pharvaris said. Leerink Partners analysts said in a report Wednesday that the result “exceeds expectations” and potentially positions deucrictibant more favorably than BioCryst Pharmaceuticals Inc.’s
BCRX,
-9.54%
hereditary angioedema treatment Orladeyo, which has been selling well. Pharvaris shares have gained 86% in the year to date, while the S&P 500
SPX,
-0.09%
is up 19%. BioCryst shares dropped 4.6% premarket Wednesday and have fallen 46.6% so far this year.