Pharvaris (NasdaqGS:PHVS) is back in focus after presenting detailed Phase 3 and long term data for its oral deucrictibant program in hereditary angioedema at the EAACI 2026 congress in Istanbul.

Pharvaris shares have been gaining momentum, with a 30 day share price return of 12.77% and a 90 day share price return of 24.62%. The 1 year total shareholder return stands at 100.06%, and recent EAACI data are being viewed as a meaningful update to the company’s risk and growth profile.

If oral HAE treatments are on your radar and you want to see what else is moving, this is a good moment to scan 39 healthcare AI stocks

After Pharvaris shares returned 100.06% over the past year and now sit at a market cap of about US$2.38b, with no reported revenue and an analyst price target implying a 35% gap, the key question is whether investors are still getting in ahead of future growth, or if the market has already priced it in.

Preferred Price-to-Book Multiple of 8.8x: Is It Justified?

At a last close of $34.01, Pharvaris is described as trading at a P/B of 8.8x, which is well above both the US pharmaceuticals industry average of 2.3x and a peer average of 6.4x. For a company with no reported revenue and ongoing losses, that is a rich valuation for investors to think carefully about.

The P/B ratio compares a company’s market value to its book value, which is essentially the net assets recorded on the balance sheet. For a late stage biopharmaceutical company like Pharvaris that is still unprofitable, P/B is often used because traditional earnings based ratios such as P/E are not meaningful while the company is loss making.

Here, the higher P/B suggests the market is pricing Pharvaris at a premium relative to both its industry and its peer set, despite the company reporting a loss of €168.56m and being forecast to remain unprofitable over the next three years. At the same time, forecasts point to revenue growth of around 59.7% per year, which helps explain why some investors may be willing to pay a higher multiple even while return on equity is negative and recent shareholder dilution and insider selling are on record.

Compared with the US pharmaceuticals industry average P/B of 2.3x, Pharvaris trades at roughly 4x that level. It also sits above the 6.4x peer average, indicating a valuation premium against both the broader industry and closer comparables.

Result: Price-to-book of 8.8x (OVERVALUED)

However, Pharvaris still faces key risks, including its reliance on successful Phase 3 outcomes for deucrictibant and the need to manage ongoing losses of €168.56m without current revenue.

Another View: SWS DCF Model Paints a Very Different Picture

While the P/B of 8.8x makes Pharvaris look expensive against peers, the SWS DCF model points the other way entirely. With a fair value estimate of $349.47 per share versus a recent price of $34.01, it suggests the stock is trading at a very large discount. Which lens should carry more weight for you as an investor?

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Pharvaris for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 44 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

With mixed signals across Pharvaris valuation, risks and potential rewards, this may be a good time to act quickly and review the data yourself by examining the 2 key rewards and 4 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.