Palvella Therapeutics initiated with a Buy at Stifel

Stifel analyst Annabel Samimy initiated coverage of Palvella Therapeutics (PVLA) with a Buy rating and $45 price target Palvella, which recently came public through a reverse merger, is building an orphan business around rare skin diseases starting with known immunosuppressant rapamycin to develop a topical treatment that has applications across multiple unserved rare skin conditions, the analyst tells investors. The firm approaches the Phase 3 SELVA readout in microcystic lymphatic malformations with “high optimism for its clinical success and commercial potential,” the analyst tells investors.