Palvella Therapeutics initiated with a Buy at Clear Street

Clear Street initiated coverage of Palvella Therapeutics (PVLA) with a Buy rating and $200 price target The firm says the company is grouping its “highly differentiated” Qtorin rapamycin with a rare-disease strategy focused on orphan dermatologic indications that lack FDA-approved options but are “genetically” de-risked for rapamycin. The shares screen as “materially undervalued” ahead of Palvella’s Phase 2 readout in cutaneous venous malformations expected by mid-December.