Palvella Therapeutics initiated with an Overweight at Stephens

Stephens initiated coverage of Palvella Therapeutics (PVLA) with an Overweight rating and $220 price target Palvella is a clinical-stage biopharmaceutical company leveraging its Qtorin platform to target rare genetic dermatologic conditions with no FDA approved therapies, the analyst tells investors in a research note. The firm says the company’s lead asset, Qtorin rapamycin, is advancing across multiple indications. It believes the market underappreciates Palvella’s potential penetration in the microcystic lymphatic malformations setting.