Palvella Therapeutics initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Palvella Therapeutics (PVLA) with an Outperform rating and $85 price target The firm likes the setup for the shares into key clinical readouts over the next six months that it says cover indications constituting a $4B total addressable market. Oppenheimer has conviction into Qtorin rapamycin’s Q1 of 2026 single-arm pivotal topline readout in a rare congenital skin condition given the strong Phase 2 data, the analyst tells investors in a research note. It projects over $1B in peak sales across microcystic lymphatic and cutaneous venous malformations and believes Palvella’s current valuation underappreciates the opportunity.