Palvella Therapeutics initiated with an Outperform at Raymond James

Raymond James initiated coverage of Palvella Therapeutics (PVLA) with an Outperform rating and $54 price target The firm says the company is developing Qtorin rapamycin, a novel topical therapy designed to overcome the toxicity and bio-distribution shortcomings associated with systemic administration of rapamycin. Qtorin has the potential for a blockbuster launch in microcystic lymphatic malformations, with a second potential blockbuster in cutaneous venous malformations, the analyst tells investors in a research note.