Palvella price target raised to $200 from $120 at Cantor Fitzgerald

Cantor Fitzgerald analyst Josh Schimmer raised the firm’s price target on Palvella Therapeutics (PVLA) to $200 from $120 and keeps an Overweight rating on the shares after the company announced a new product candidate, Qtorin pitavastatin, for the treatment of disseminated superficial actinic porokeratosis. Cantor incorporated the new porokeratosis indication into its model and believes the new target “will prove conservative” as the company rolls out more indications and programs. Palvella “has found the key to unlocking multiple rare derm conditions in a low-risk/high-reward way,” the analyst tells investors in a research note.