Palvella Therapeutics price target raised to $204 from $148 at Canaccord

Canaccord analyst Whitney Ijem raised the firm’s price target on Palvella Therapeutics (PVLA) to $204 from $148 and keeps a Buy rating on the shares. The firm said the initial Ph2 data for QTORIN rapamycin’s 2nd indication, cutaneous venous malformation (cVM), was a win. The company had been looking for at least a 30% response rate so the 73% of patients who improved on the cVM-IGA at Week 12 far surpasses expectations, and means it won’t be hard/ expensive to design an efficient pivotal study.