Oppenheimer analyst Trevor Allred raised the price target on Palvella Therapeutics (NASDAQ: PVLA) to $210.00 (from $200.00) while maintaining a Outperform rating.

The analyst comments "Palvella reported 4Q net loss of $12.7M vs. our $11.4M expectations on one-time expenses. Palvella shares have receded again, and we believe provide another attractive entry ahead of updates through the rest of the year. We ascribe the pullback largely to market volatility and low float. Today, it appears the market is taking notice as shares have climbed ~13% vs XBI's ~7%. We believe many aspects of PVLA shares remain highly underappreciated—shares at current valuation appear primarily driven by MLM expectations, and account little for CVM, with no value ascribed for DSAP/angiokeratomas, nor additional pipeline unveils beyond that. Our new $210 PT (from $200) has yet to account for any pipeline value, and remains highly conservative on commercial expectations, both representing substantial upside potential to valuation. We update our model for actuals."