In a report released today, Joseph Pantginis from H.C. Wainwright reiterated Palatin Technologies (PTN – Research Report) to a Buy, with a price target of $70.00.
Joseph Pantginis issued a Buy rating for Palatin Technologies based on several compelling factors. Pantginis was particularly influenced by the promising preclinical data revolving around PL8177’s potential in treating ulcerative colitis. This data was presented at the United European Gastroenterology Week Meeting ’23, where it was evidenced that PL8177 significantly improved colitis markers in a rat model. This improvement was notably superior to both the placebo and mesalazine, which further bolsters confidence in PL8177’s potential efficacy.
The report also highlights that all PL8177 cohorts outperformed the control group, which indicates the compound’s strong potential. Additionally, PL8177’s treatment showed clear evidence of resolving pathological inflammation, which is a crucial aspect in treating inflammatory diseases. Pantginis also takes into account the ongoing Phase 2 study of oral PL8177 in patients with ulcerative colitis, with interim analysis expected in 1Q24. Moreover, Palatin has also demonstrated the promise of PL8177 in rat models of inflammatory gastrointestinal disease and diabetic nephropathy, which further supports the Buy rating.
According to TipRanks, Pantginis is an analyst with an average return of -15.2% and a 27.00% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as PDS Biotechnology, Clene, and Biomea Fusion.
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Palatin Technologies (PTN) Company Description:
Palatin Technologies, Inc. is a biopharmaceutical company, which engages in the development of medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product candidate is marketed under the Vyleesi brand, the trade name for bremelanotide, a peptide melanocortin receptor 4 agonist for the treatment of premenopausal women with acquired, generalized, hypoactive sexual desire disorder (HSDD). The company was founded by Carl Spana and John K. A. Prendergast on November 21, 1986 and is headquartered in Cranbury, NJ.
Read More on PTN:
- Palatin receives noncompliance notification from Nasdaq
- Palatin Reports Fourth Quarter and Fiscal Year Ended 2023 Financial Results and Provides Corporate Update
- Palatin reports Q4 EPS (91c), consensus (56c)
- Palatin (PTN) Q4 Earnings Cheat Sheet
- Palatin completes enrollment in Phase 3 MELODY-1 study of PL9643
