Palvella Therapeutics extends surge after upsized $200 mln equity raise

Toronto-Dominion Bank

26/02/2026 13:49

** Palvella Therapeutics PVLA.O shares up 9.6% before the bell to $140.96, a three-year high, after upsized $200 mln follow-on priced

    ** Wayne, Pennsylvania-based rare skin disease specialist late Weds sold 1.6 mln shares at $125

    ** PVLA shares finished up ~37% on Tues after its therapy, Qtorin rapamycin, to treat microcystic lymphatic malformations met main goal in a late-stage study

    ** Shares rose another 6.8% to close at $128.60 on Weds, after co late Tues commenced $150 mln stock offering

    ** Co intends to use net offering proceeds to support development of Qtorin rapamycin and Qtorin pitavastatin for treatment of disseminated superficial actinic porokeratosis, a form of porokeratosis caused by abnormal skin cell growth (keratinization) often triggered by the sun's UV rays, among other purposes

    ** TD Cowen, Cantor, Stifel, Mizuho, LifeSci Capital, Oppenheimer, Canaccord and H.C. Wainwright joint bookrunners

    ** PVLA has ~11.8 mln shares outstanding

    ** A year ago, PVLA shares were trading around $19

    ** Of 16 analysts, 4 rate the stock
    "strong buy", 12 rate "buy"; median PT of $210 up from $192.50 a month ago and $125 on Nov 26, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))