Thursday, November 03, 2016 9:55:29 PM
Julie Lamb, Editor — November 3, 2016, 12:58 PM EDT
Palatin Technologies, Inc. (NYSEMKT:PTN) shares were on a close to 18% rise after market close yesterday after the firm’s pipeline drug bremelanotide (BMT), designed to treat hypoactive sexual desire disorder (HSDD), has reached both co-primary endpoints in two Phase III trials in what Roth Capital analyst Joseph Pantginis deems “highly statistically significant fashion.”
On the heels of these stellar results, the analyst finds the data “quite impressive,” commending the “consistency between both Phase IIIs” and subsequently reiterates a Buy rating on PTN while boosting the price target from $4.00 to $7.00, which represents a 1,128% increase from where the shares last closed.
Pantginis notes, “The company has been in extensive partnering discussions with potential suitors, many of which have reached the point of just needing the Phase III data to make a decision. In discussing the topic with management, the company would like to move quickly on signing a deal, however, we cannot predict timing. We believe a major partnership is the most likely outcome for BMT and we believe two leading candidates are Pfizer (PFE-NC) and Allergan (AGN-NC).”
Moving forward, “We now look to next steps for the drug, which we believe will be a partnership. We also see major competitive headwinds for Addyi, because of its Black Box warning, issues such as drug alcohol interactions, chronic intake versus on demand (BMT), and the difficulty in prescribing,” Pantginis concludes, bidding adieu with a tongue-in-cheek “buh bye” to rival Addyi and observing BMT in a stellar position.
With regards to the “rousing BMT clinical success,” the firm is circling for an NDA filing for the second half of 2017.
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, analyst Joseph Pantginis is ranked #4,017 out of 4,165 analysts. Pantginis has a 30% success rate and forfeits 14.8% in his yearly returns. When recommending PTN, Pantginis loses 16.8% in average profits on the stock.
Additionally, John Newman at Canaccord rates a Buy on Palatin stock with a price target of $6.00, which represents a nearly 953% increase from current levels.
Recent PTN News
- Palatin Announces Exercise of Warrants for Approximately $6.1 Million Gross Proceeds • PR Newswire (US) • 06/21/2024 12:00:00 PM
- Palatin Announces the Initiation of a Phase 2 Clinical Study of Bremelanotide Co-Administered with a PDE5i for the Treatment of Erectile Dysfunction (ED) • PR Newswire (US) • 06/20/2024 11:30:00 AM
- Palatin Initiates Phase 2 Clinical Study of Bremelanotide for the Treatment of Obesity • PR Newswire (US) • 06/12/2024 11:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 12:40:59 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 12:04:24 PM
- Palatin Reports Third Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update • PR Newswire (US) • 05/15/2024 11:30:00 AM
- Palatin to Report Third Quarter Fiscal Year 2024 Results; Teleconference and Webcast to be held on May 15, 2024 • PR Newswire (US) • 05/09/2024 11:30:00 AM
- Palatin Announces FDA Clearance of IND Application for the Co-Administration of Bremelanotide with Tirzepatide (GLP-1) for the Treatment of Obesity • PR Newswire (US) • 05/02/2024 11:30:00 AM
- Palatin to Host Virtual KOL Event "Beyond GLPs: The Multiple Roles for Novel Melanocortin Receptor 4 Agonists in Treating Obesity and Weight Loss Maintenance" on May 8, 2024 • PR Newswire (US) • 04/30/2024 11:30:00 AM
- Palatin Announces Phase 3 PL9643 MELODY-1 Dry Eye Disease (DED) Clinical Data Results Presented at American Society of Cataract and Refractive Surgery (ASCRS) 2024 • PR Newswire (US) • 04/08/2024 11:30:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 10:02:06 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 05:57:44 PM
- Palatin Announces Results of PL9643 MELODY-1 Pivotal Phase 3 Clinical Trial in Patients with Dry Eye Disease (DED) • PR Newswire (US) • 02/28/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/15/2024 02:00:22 PM
- Palatin Reports Second Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update • PR Newswire (US) • 02/15/2024 12:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/14/2024 09:17:03 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 07:55:16 PM
- Palatin to Report Second Quarter Fiscal Year 2024 Results; Teleconference and Webcast to be held on February 15, 2024 • PR Newswire (US) • 02/09/2024 12:30:00 PM
- Palatin Announces Database Lock for PL9643 MELODY-1 Pivotal Phase 3 Clinical Trial in Patients with Dry Eye Disease (DED) • PR Newswire (US) • 02/05/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/01/2024 10:16:03 PM
- Palatin Announces Closing of $10 Million Registered Direct Offering • PR Newswire (US) • 02/01/2024 09:00:00 PM
- Palatin Announces $10 Million Registered Direct Offering • PR Newswire (US) • 01/30/2024 01:00:00 PM
- Palatin Provides Corporate Update and Highlights Strategic Priorities for Calendar Year 2024 • PR Newswire (US) • 01/08/2024 03:33:00 PM
- Cosette Pharmaceuticals Acquires Vyleesi® (Bremelanotide Injection) from Palatin Technologies Inc. • Business Wire • 01/03/2024 01:00:00 PM
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