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 Palvella is developing QTORIN rapamycin, a topical therapy designed to overcome the toxicity and biodistribution shortcomings associated with systemic administration of rapamycin, the analyst tells investors in a research note. Given the validated activity of rapamycin, proof-of-concept data in Phase 2, and the high unmet need and patient demand as seen in the over-enrolled SELVA Phase 3 study, QTORIN rapamycin has the potential for blockbuster launch in microcystic lymphatic malformations, with a second potential blockbuster in cutaneous venous malformations, the firm argues.