I have been following PTN for a month now and I believe much of this is already priced in. A move to new 52 week highs is certainly within reach, even with the need for more cash.
Potential remains huge and the Baker Bros are large shareholders here.
Short-Term Target remains at $1.35+ low end.
If this had a market cap at over $100M right now, I would be concerned, but at just $38M, the room for a run is VERY much a strong possibility. I expect a major move in pps before the money is raised, which is why I strongly believe $1.35+ is not a stretch as far as a short term target is concerned.
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