Shares of Pharvaris N.V. (NASDAQ: PHVS) tumbled 5.15% in intraday trading, as investors reacted to the company's disappointing first-quarter financial results and a subsequent analyst price target reduction.

The clinical-stage biopharmaceutical company reported quarterly losses of $0.89 per share, missing the analyst consensus estimate of $0.82 by 8.54%. This represents a significant increase in losses compared to the same period last year when the company reported a loss of $0.56 per share. The wider-than-expected loss appears to have shaken investor confidence in the company's financial performance.

Adding to the downward pressure, Wedbush, a prominent financial services firm, adjusted its price target for Pharvaris from $25 to $17. Despite the lower target, Wedbush maintained its Outperform rating on the stock, suggesting a mixed outlook for the company. It's worth noting that Pharvaris still maintains an average rating of Buy among analysts, with a mean price target of $33.13, indicating potential long-term optimism despite the current setback.