Sam Slutsky, an analyst from LifeSci Capital, maintained the Buy rating on Palvella Therapeutics. The associated price target was raised to $150.00.
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Sam Slutsky has given his Buy rating due to a combination of factors, primarily driven by the positive results from Palvella Therapeutics’ Phase 2 TOIVA trial. The trial, which focused on patients with cutaneous venous malformations (CVMs), demonstrated significant efficacy with the use of QTORIN 3.9% rapamycin. The results showed a statistically significant mean change in the clinical change scale, with a majority of patients experiencing notable improvements, surpassing the company’s initial efficacy targets.
Despite a temporary decline in stock price, attributed to a ‘sell the news’ reaction rather than any underlying issues, the promising trial outcomes suggest a strong potential for future FDA discussions. The trial’s success in addressing a high unmet need in vascular anomalies supports the advancement to Phase 3 development, reinforcing the Buy rating as the company continues to progress with its lead product.
In another report released yesterday, Cantor Fitzgerald also maintained a Buy rating on the stock with a $210.00 price target.