Roth ups Palatin price target
Roth Capital Partners has raised its price target on “buy-rated” Palatin Technologies (AMEX:PTN) to $6 from $4.75 after the company said its Phase 2b study of bremelanotide in female sexual dysfunction (FSD) achieved its primary endpoint of showing statistically significant improvement in the number of sexually satisfying events, compared with placebo. The stock closed at 65 cents on Wednesday.
“We expect that this catalyst could provide important visibility into Palatin’s FSD program and provide confidence to investors and to potential partners,” writes analyst Joseph Pantginis.
“We believe that the company is taking a differentiated approach, in contrast to high profile failures in the space, by testing its product candidate ‘as needed’ and potentially reducing bias in the placebo arm through monthly assessment of patient reported endpoints,” he added.
Beyond FSD, Palatin’s partner AstraZeneca remains committed to the collaborative program in obesity, with compounds in various stages of preclinical development as advanced as toxicology testing, ready to enter the clinic, Mr. Pantginis said.