Palatin Technologies (PTN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Joseph Pantginis from H.C. Wainwright remains neutral on the stock and has a $70.00 price target.
Joseph Pantginis has given his Buy rating due to a combination of factors pertaining to Palatin Technologies’ robust clinical pipeline and significant potential milestones anticipated in 2024. The company has reported the successful completion of key goals in 2023 and presented a slate of upcoming developments for the following year. Palatin Technologies’ diverse range of clinical programs, particularly those focusing on melanocortin-based treatments and Vyleesi, have shown great progress, leading to positive expectations for the company’s performance and data readouts in the coming year.
The specific advancements include the completion of patient enrollment in the MELODY-1 study for dry eye disease, with results expected in early 2024, and plans for additional Phase 3 studies. Furthermore, interim assessments and top-line data releases for their ulcerative colitis and diabetic kidney disease treatments are on the horizon. The initiation of a Phase 2 study combining bremelanotide with GLP-1 for obesity further supports the optimism surrounding Palatin’s pipeline. Additionally, the sale of Vyleesi to Cosette Pharmaceuticals for the treatment of HSDD is anticipated to generate a solid stream of cash flow. These encouraging developments underpin Pantginis’s Buy rating for Palatin Technologies.
According to TipRanks, Pantginis is a 4-star analyst with an average return of 6.1% and a 44.78% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Ligand Pharma, Rigel, and Viking Therapeutics.
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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:
- Biotech Alert: Searches spiking for these stocks today
- Palatin completes sale of Vyleesi to Cosette Pharmaceuticals for up to $171M
- Palatin: NYSE American accepts listing standards compliance plan
- Palatin files to sell 2.48M shares of common stock for holders
- Palatin Reports First Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update
