Canaccord starts Palvella Therapeutics with a Buy on lead programs’ potential

As previously reported, Canaccord analyst Whitney Ijem initiated coverage of Palvella Therapeutics (PVLA) with a Buy rating and $39 price target based on early clinical data suggesting the company’s proprietary topical formulation platform – called Qtorin – is an optimal formulation that keeps finicky small molecules stable and optimizes delivery through the skin. Qtorin rapamycin is currently in clinical testing for two orphan indications and with two important de-risking catalysts coming in the next 12 months and shares trading at about a $235M market cap, the firm sees “significant opportunity based on the lead programs alone.”