H.C. Wainwright raised the firm’s price target on Palvella Therapeutics (PVLA) to $270 from $255 and keeps a Buy rating on the shares after meeting with a key opinion leader. The doctor viewed Palvella’s microcystic lymphatic malformations data as clinical validation that Qtorin can deliver drug into the dermis, not just the epidermis, the analyst tells investors in a research note. The firm believes this “meaningfully broadens” the Qtorin platform opportunity. H.C. Wainwright is now “incrementally more constructive” on Qtorin as a platform story, not just a microcystic lymphatic malformations story.
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