Jun. 25 at 11:29 AM
Canaccord Genuity reit'd
$PVLA Buy;
$227
$TARA $NVS PFE
Canaccord Genuity said: Following QTORIN rapamycin's positive Ph3 data in microcystic lymphatic malformations (mLM) earlier this year (note here) the main investor FAQs we receive are on the market opportunity with a specific appetite for better understanding of disease severity, urgency to treat, and current treatment landscape with a focus on topical compounded rapamycin.
To that end, we surveyed 22 physicians (both dermatologists and hematology oncologists) across the US from May 13-29 who treat a total of 744 mLM patients. Below we run through recent investor FAQs and survey results to help address them; detailed survey results start on p.3.
Bottom line: docs like QTORIN rapamycin's profile and expect a significant amount of patients will switch, ultimately expecting 46% of their patients will be on QTORIN rapamycin 3yrs post launch.
As a reminder, PVLA is on track to submit its NDA in 2H26, we model launch in 1H27. Reiterate BUY.
