Palvella Therapeutics initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Palvella Therapeutics (PVLA) with a Buy rating and $44 price target The firm thinks Palvella’s “promising” Qtorin formulation platform will likely generate multiple commercially successful therpies for rare genetic skin diseases with significant unmet need. TD models peak potential sales of $956M in the U.S. alone for microcystic lymphatic malformations. The therapeutic profile of Qtorin rapamycin may make it the standard of care in first-line MLM, the analyst tells investors in a research note.