Palvella Therapeutics upgraded to Strong Buy from Outperform at Raymond James

Raymond James upgraded Palvella Therapeutics (PVLA) to Strong Buy from Outperform with a price target of $143, up from $92. After further review of precedent studies and the broader rationale for QTORIN rapamycin in cutaneous venous malformations ahead of the mid-December Phase 2 TOIVA readout, the case for efficacy appears strong based on oral rapamycin data, prior QTORIN success in microcystic lymphatic malformations, and its favorable safety and absorption profile, the analyst tells investors in a research note. Although buyside expectations sit somewhat above Palvella’s internal 30% improvement threshold, the upcoming readout is more likely than not to meet both benchmarks and reinforce the program’s broad potential, Raymond James argues.