This Biotech Fund Just Made a $22 Million Bet on Pharvaris Stock — Is It a Buy?

On November 14, Austin-based Saturn V Capital Management disclosed a new position in Pharvaris N.V. (PHVS), acquiring 886,332 shares valued at approximately $22.1 million during the third quarter.

What Happened

According to a Securities and Exchange Commission (SEC) filing dated November 14, Saturn V Capital Management initiated a new position in Pharvaris N.V. (PHVS). The fund reported holding 886,332 shares valued at $22.1 million at quarter-end. This addition expanded its total reportable U.S. equity positions to 17 as of September 30, bringing total fund AUM to $456 million.

What Else to Know

The PHVS stake represents about 4.9% of Saturn V Capital Management LP's 13F AUM.

Top holdings after this filing:

• NASDAQ: ABVX: $68 million (14.9% of AUM)
• NASDAQ: AMLX: $62.6 million (13.7% of AUM)
• NASDAQ: JAZZ: $39.6 million (8.7% of AUM)
• NASDAQ: DYN: $33.8 million (7.4% of AUM)
• NASDAQ: COGT: $29.1 million (6.4% of AUM)

As of Monday, shares of Pharvaris N.V. were priced at $25.35, up 33% over the past year and outperforming the S&P 500, which is up 12% in the same period.

Company Overview

Company Snapshot

• Pharvaris focuses on the development of oral therapies for hereditary angioedema (HAE), including PHA121 (Phase II), PHVS416 (on-demand soft capsule, Phase II), and PHVS719 (prophylactic extended-release tablet, Phase I).
• The company operates as a clinical-stage biopharmaceutical company, generating value through research and development with the aim of future commercialization of proprietary drug candidates for rare diseases.
• It targets patients suffering from hereditary angioedema, addressing both acute and prophylactic treatment needs in rare disease markets across Europe and the United States.

Pharvaris N.V. is a clinical-stage biotechnology company specializing in the development of novel oral therapies for hereditary angioedema (HAE), a rare and serious genetic disorder. The company leverages its expertise in small molecule drug design to advance a pipeline of differentiated candidates targeting bradykinin B2-receptor pathways. Pharvaris aims to address significant unmet medical needs in rare disease markets, positioning itself for long-term growth as its lead assets progress through clinical development.

Foolish Take

Pharvaris has three pivotal programs underway, and with €329 million in cash on hand as of September 30, the company believes it’s financed into the first half of 2027 — well past its major data readouts. That visibility, combined with differentiated oral candidates in both acute and prophylactic hereditary angioedema (HAE), helps explain why the fund carved out one of its larger new positions despite shares still sitting roughly one-third below their post-IPO peak.

Saturn V’s stake represents 4.9% of its 13F assets, consistent with the fund’s biotech-heavy profile and appetite for high-conviction clinical risk. For shareholders, the RAPIDe-3 Phase 3 results released last week showed positive topline data, including a median time to onset of symptom relief of 1.3 hours. Still, the company remains pre-revenue and continues to post widening R&D costs — €29.8 million last quarter versus €25.8 million a year earlier — underscoring both the opportunity and uncertainty ahead.

For long-term investors, the takeaway is clear: This is a pipeline-driven story where meaningful value creation hinges on late-stage clinical success, but the balance sheet provides the time needed to get there.

Glossary

13F reportable AUM: Assets under management reported by institutional investment managers in quarterly SEC Form 13F filings.
Net position change: The difference in the value of a fund's holding in a security after a transaction, reflecting new investments or sales.
Clinical-stage biopharmaceutical company: A company developing drugs that are still being tested in human clinical trials, not yet approved for sale.
Hereditary angioedema (HAE): A rare genetic disorder causing recurrent swelling in various parts of the body.
Prophylactic: Intended to prevent disease or a medical condition, rather than treat it after onset.
On-demand therapy: Medication taken only when symptoms occur, rather than on a regular schedule.
Bradykinin B2-receptor: A protein involved in inflammation and swelling, targeted by certain drugs for HAE.
Pipeline: The portfolio of drug candidates a company is developing, often at various stages of clinical testing.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
TTM: The 12-month period ending with the most recent quarterly report.
Quarter-end: The last day of a fiscal quarter, often used as a reference point for financial reporting.
Market outperform: When an investment's return exceeds the performance of a benchmark index, such as the S&P 500.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.