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 due to a combination of factors involving Palatin Technologies’ robust pipeline with multiple anticipated data readouts and clinical trial advancements expected within the year. The company’s progress across various programs, particularly the imminent top-line data readout from the Phase 3 MELODY-1 study for dry eye disease (DED), presents potential catalysts that could drive the stock’s value. Additionally, the successful commencement of several clinical trials, including treatments for ulcerative colitis and erectile dysfunction, and the strategic sale of Vyleesi, further bolster the company’s financial position and sharpens its focus on key assets.
Moreover, the launch of the clinical development program for bremelanotide co-formulated with a PDE5 inhibitor for erectile dysfunction in non-responsive patients, and the upcoming study to evaluate bremelanotide in combination with glucagon-like peptide 1 (GLP-1) for obesity management, indicate the company’s ongoing commitment to addressing significant unmet medical needs. These factors, combined with the expected cash flow from the sale of Vyleesi and the commencement of IND-enabling studies for a novel MCR4 agonist, contribute to the optimistic outlook on Palatin’s future performance and justify the Buy recommendation.
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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 Second Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update
- PTN Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Palatin announced database lock for Phase 3 trial of dry eye disease candidate
- Palatin Technologies Announces Offering Closure and Vyleesi Sale
- Palatin Technologies Issues Unregistered Equity Securities Warrants
