Palvella Therapeutics climbs after Truist raises PT

Shares of drug developer Palvella Therapeutics PVLA.O rise 6.14% to $94.45

Truist raises price target to $190 from $105, a 113.5% upside to the stock's last close

Truist says a small proof of concept study with co's Qtorin gel delivered sufficient "de-risking" of opportunity in patients with cutaneous Venous Malformations, a rare genetic skin condition causing dysfunctional veins

Brokerage says results likely understate peak treatment effect, as improvements were still deepening at 12 weeks

15 of 15 brokerages rate the stock "buy" or "strong buy"; median PT is $190 — data compiled by LSEG

As of last close, PVLA up 641.5% YTD