Palvella Therapeutics initiated with a Buy at BTIG

BTIG initiated coverage of Palvella Therapeutics (PVLA) with a Buy rating and $167 price target Palvella is a clinical stage biopharmaceutical company advancing its Qtorin topical delivery platform to address serious, rare skin diseases with no FDA-approved therapies, the analyst tells investors in a research note. The firm views the company as an “exceptionally clean biopharma story.” Palvella’s lead asset Qtorin rapamycin is nearing “value inflecting” Phase 2 and 3 readouts for cutaneous venous malformations and microcystic lymphatic malformations, notes BTIG. It sees blockbuster peak sales potential across “uncontested” indications.