Palvella Therapeutics (PVLA) PT Raised to $70 at Jones Trading

Jones Trading analyst Catherine Novack raised the price target on Palvella Therapeutics (NASDAQ: PVLA) to $70.00 (from $56.00) while maintaining a Buy rating.

The analyst comments: "Palvella announced a third indication for topical QTORIN rapamycin—clinically significant angiokeratomas, a type of lymphatic malformation (press release). The Ph2 study initiation is planned for 2H26 and will consist of 10-20 patients, pending FDA alignment. We like this indication both for the market opportunity (~50K in the US) and for the relatively straightforward approach of using topical rapamycin to inhibit lymphatic endothelial cell proliferation. Given the significant overlap in disease characteristics between angiokeratomas and microcystic lymphatic malformations (mLMs), we consider this program to be partially de-risked by Palvella's positive clinical data in mLMs (details below). Per management, the angiokeratoma study will be substantially similar to mLM Ph2 in terms of endpoints and treatment duration. In the meantime, Palvella will have data from Ph3 SELVA in mLMs in 1Q26 (we estimate mid-March), as well as Ph2 data for QTORIN rapamycin in cutaneous venous malformations (cVMs) in mid-December 2025. Model update: For clinically significant angiokeratomas, we can see Palvella achieving ~$600M peak US sales in 2035 (25% probability of success)."

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