The cluster is small relative to market cap but broad-based across C-suite and board. With no 10b5-1 pattern and no offsetting buys, this is a modestly bearish signal. Monitor for upcoming earnings, pipeline updates (PHVS is a clinical-stage biotech), or a material agreement that may have prompted the selling. If a catalyst like data readout or financing is imminent, the selling could be informed — but at current scale, it does not warrant immediate action.
Price Chart
Executive Summary
Six Pharvaris insiders, including the CEO, CFO, and CCO, sold a total of $1.38M in stock over a 7-day window. The cluster is 100% open-market sales with no offsetting purchases, and the CEO's sale is notable for its timing. At $2.1B market cap, the total represents ~0.07% — below the 0.1% materiality threshold — but the breadth of C-suite participation and the absence of any 10b5-1 pattern elevate the signal. The cross-filing actuarial verdicts show this cluster-insider-trades pattern is an AMPLIFIER when combined with other contexts, but no other material cross-filings (earnings, offering, restatement) are present in the provided context to trigger an override.
Key Financial Metrics
Key Facts
- Six insiders sold a total of $1.38M in open-market sales over 7 days (May 14–21, 2026).
- CEO Berndt Modig sold 2,300 shares at $29.22 for $67K — his first sale in the cluster window.
- CFO/CLO David Nassif sold 10,000 shares at $30.31 for $303K on May 21, the largest single trade.
- Director Elisabeth Bjork sold 10,000 shares at $29.32 for $293K on May 20, following derivative exercises.
- CCO Wim Souverijns sold 10,000 shares at $29.92 for $299K on May 15.
- Total cluster value of $1.38M is ~0.07% of Pharvaris's $2.1B market cap — below the 0.1% materiality threshold.
- No 10b5-1 plan disclosures or regular pattern in sale sizes/dates to suggest routine liquidity-driven sales.
- All six insiders sold; zero insider purchases in the cluster window.
Financial Impact
Total insider sales of $1.38M represent ~0.07% of Pharvaris's $2.1B market cap — below the 0.1% materiality threshold for a standalone cluster, but the breadth of C-suite participation (CEO, CFO, CCO) and lack of purchases is notable.
Risk Factors
- Insider selling may signal lack of confidence ahead of a catalyst (e.g., clinical trial readout, regulatory update).
- No offsetting purchases — all six insiders sold, creating a uniform bearish signal.
- CEO sale, though small, is the first in the cluster window and could be informational.
- Clinical-stage biotech risk: any negative pipeline news could amplify the selling signal ex post.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-PHVS-1779831760828 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | Insider Cluster | $38.06 $36.37 | ▲ +4.44% | ▲ +5.26% | $31.07 (+18.38%) |
Sep 14, 2026 17d ago | 144 | $38.06 $35.20 | ▼ −7.51% | ▼ −9.63% | $31.07 (−18.38%) |
Sep 14, 2026 18d ago | Insider Cluster | $38.86 $36.02 | ▼ −7.31% | ▼ −7.41% | $31.07 (−20.06%) |
Sep 11, 2026 21d ago | Insider Cluster | $38.02 $36.37 | ▼ −4.34% | ▼ −4.12% | $31.07 (−18.29%) |
Sep 8, 2026 24d ago | 6-K | $37.84 $38.86 | ▲ +2.70% | ▲ +3.36% | $31.07 (−17.90%) |
Aug 12, 2026 7w ago | 6-K | $36.46 $36.27 | ▼ −0.52% | ▼ −0.08% | $31.07 (−14.80%) |
Aug 12, 2026 7w ago | Press Release | $36.46 $36.27 | ▼ −0.52% | ▼ −0.08% | $31.07 (−14.80%) |
Aug 6, 2026 8w ago | Press Release | $34.45 $34.04 | ▼ −1.19% | ▼ −2.40% | $31.07 (−9.83%) |
Jul 6, 2026 12w ago | Press Release | $33.22 $35.07 | ▲ +5.57% | ▲ +5.08% | $31.07 (−6.49%) |
Jul 1, 2026 13w ago | Insider Cluster | $33.86 $35.96 | ▲ +6.20% | ▲ +5.27% | $31.07 (−8.25%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access