Palvella Therapeutics price target raised to $210 from $200 at Oppenheimer

Oppenheimer raised the firm’s price target on Palvella Therapeutics (PVLA) to $210 from $200 and keeps an Outperform rating on the shares. The firm notes Palvella reported Q4 net loss of $12.7M vs. its $11.4M expectations on one-time expenses. Palvella shares have receded again, and Oppenheimer believes provide another attractive entry ahead of updates through the rest of the year. The firm ascribes the pullback largely to market volatility and low float. Today, it appears the market is taking notice as shares have climbed about 13% vs XBI’s 7%. Oppenheimer thinks many aspects of Palvella shares remain highly underappreciated as the stock at current valuation appears primarily driven by MLM expectations, and accounts little for CVM, with no value ascribed for DSAP/angiokeratomas, nor additional pipeline unveils beyond that.