Oct. 9 at 10:59 AM
Canaccord Genuity⬆️
$PVLA $90 from
$66
Canaccord Genuity said:
PVLA recently announced the 3rd indication for QTORIN rapamycin: clinically significant angiokeratomas (conference call here, slides here). Like the drug's first two indications - mLM and CVM - clinically significant angiokeratoma is another rare, chronically debilitating skin disease with no approved therapies. PVLA estimates there are >50,000 diagnosed pts in the US - another large rare opportunity.
The co will leverage the existing supply (already manufactured), the open IND, and current IP coverage for this new indication.
We came away from the webcast+ additional diligence on our end encouraged by the potential of QTORIN rapa to treat this new indication given similarities with mLM and strong scientific rationale.
As such, we are adding this new opportunity to
our model, assuming peak sales of
$860M at 20% POS. Initiation of the Phase 2 study for clinically significant angiokeratomas is anticipated in 2H26. Maintain BUY.
