Sep. 9 at 11:50 AM
Oppenheimer🏁
$PVLA Outperform/
$85: We are launching on Palvella Therapeutics with an Outperform rating and
$85 PT.
We like the setup into key clinical readouts over the next six months in indications constituting a
$4B TAM.
Our conviction into Qtorin rapamycin's 1Q26
single-arm pivotal topline in a rare congenital skin condition is fueled by its strong Phase 2 data. We believe this lead candidate's Phase 2 reveal next quarter in a second opportunity in same disease category is similarly derisked.
Qtorin rapamycin optimizes topical delivery of a potent mTOR inhibitor, ideally suiting it for skin lesions driven by overactive mTOR which lack good treatment options.
We project >
$1B peak sales across microcystic lymphatic and cutaneous venous malformations (MLMs and CVMs, respectively), and believe shares' valuation underappreciates the opportunity.
