On April 9, 2026, Berndt Modig, Chief Executive Officer of Pharvaris N.V. (PHVS +4.34%), reported the direct sale of 23,333 common shares for a total transaction value of approximately $647,000, according to a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 23,333 |
| Transaction value | ~$647,000 |
| Post-transaction shares (direct) | 142,084 |
| Post-transaction shares (indirect) | 950,000 |
| Post-transaction value (direct ownership) | ~$3.85 million |
Transaction value based on SEC Form 4 weighted average purchase price ($27.74); post-transaction value based on April 9, 2026 market close (using $27.07 per share).
Key questions
- What portion of Modig’s stake was affected by this transaction?
This sale accounted for 14.11% of Modig’s direct position but only 2.09% of his total Pharvaris holdings, given the substantial indirect stake retained through Schoodif Management BV. - Did the transaction involve any derivative securities or indirect holdings?
No derivative securities or indirect shares were transacted; all 23,333 shares sold were held directly prior to the disposition. - How does this activity fit within the context of Modig’s recent trading and available capacity?
With direct holdings reduced to 142,084 shares post-sale and indirect holdings unchanged, the transaction reflects routine Rule 10b5-1 liquidity management and a shrinking available direct share base for further sales. - How does the sale price compare to recent market levels?
The weighted average sale price of around $27.74 per share was slightly above the latest closing price of $26.63 as of April 10, 2026.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-04-09) | $27.07 |
| Market capitalization | $1.74 billion |
| Net income (TTM) | ($175.70 million) |
| 1-year price change | 121.92% |
* 1-year performance calculated using April 9th, 2026 as the reference date.
Company snapshot
- Pharvaris N.V. develops oral therapies targeting hereditary angioedema (HAE), including PHA121, PHVS416 (on-demand soft capsule), and PHVS719 (prophylactic extended-release tablet), with products in various phases of clinical trials.
- The company operates a clinical-stage biopharmaceutical model, focusing on research, development, and future commercialization of proprietary small-molecule drugs for rare diseases.
Pharvaris N.V. is a Leiden-based biotechnology company specializing in the development of oral therapies for rare diseases, with a primary focus on hereditary angioedema.
The company leverages its expertise in small-molecule drug discovery to advance a pipeline of differentiated treatments targeting significant unmet medical needs. Its strategy centers on clinical innovation and global market access to establish a competitive position in the rare disease therapeutics landscape.
What this transaction means for investors
Pharvaris CEO Berndt Modig’s April 9 sale of 23,333 company shares was executed as part of his Rule 10b5-1 trading plan. Such a plan is often implemented by insiders to avoid accusations of making trades based on insider information.
Consequently, the transaction isn’t a red flag for investors. Modig also holds over 900,000 shares indirectly, suggesting that he is not in a rush to dispose of his holdings.
Pharvaris stock is up in 2026, reaching a 52-week high of $29.85 on April 1, thanks to encouraging results in its clinical trials. The company produces no revenue yet, and it exited 2025 with a net loss of 176 million euros.
However, at the end of 2025, it held cash and equivalents of 292 million euros, up from the prior year’s 281 million euros. This provides funds to maintain operations for a time.
The question is whether Pharvaris can eventually attain government approval for its treatments. Any investment in the company is a risk at this point, and the prudent approach is to wait until those approvals are secured before deciding to invest. But for shareholders, now may be a good time to sell, considering the rise in share price this year.
