Analyst Joseph Pantginis of H.C. Wainwright reiterated a Buy rating on Palatin Technologies (PTN – Research Report), with a price target of $70.00.
Joseph Pantginis has given his Buy rating for Palatin Technologies due to a variety of reasons. The company recently announced its F1Q24 results, which showed EPS of ($0.48) which is better than the estimated ($0.75). This improvement was largely driven by lower-than-anticipated expenses. Additionally, the company’s Vyleesi net revenue came in at $2.1 million, surpassing the estimate of $1.9 million. This marks the 7th consecutive quarter of double-digit growth.
Furthermore, Palatin Technologies is making significant progress with its Phase 3 MELODY-1 trial for dry eye disease (DED). The trial has reached full enrolment and initial findings have been highly encouraging. The data showed positive efficacy across multiple signs and symptoms of DED, with the safety and tolerability profile of PL9643 being excellent. If these positive results continue, PL9643 could differentiate itself within the DED market. Additionally, the trial’s adaptive design and interim analysis are seen as strategic moves that increase the chances of success. It’s also worth noting that no currently approved product has improvement of multiple signs and symptoms as part of their labels, which could position PL9643 as a leading treatment option for DED patients.
Pantginis covers the Healthcare sector, focusing on stocks such as PDS Biotechnology, Viking Therapeutics, and aTyr Pharma. According to TipRanks, Pantginis has an average return of -14.8% and a 25.40% success rate on recommended stocks.
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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 Reports First Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update
- Biotech Alert: Searches spiking for these stocks today
- Palatin sells 2.36M shares at $2.12 in registered direct offering
- Palatin sees Q3 gross product revenue $4.6M, consensus for total revenue $5.68M
- Palatin to begin clinical study of melanocortin 4 receptor agonist bremelanotide
