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In a report published Friday, Piper Jaffray analyst Charles C. Duncan initiated coverage on Palatin Technologies (NYSE: PTN) with an Overweight rating and $2.00 price target.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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In the report, Piper Jaffray noted, “We are initiating coverage on Palatin Technologies with an Overweight rating and $2 price target. The company's lead drug candidate, bremelanotide (BMT), has successfully completed Phase IIb testing, and we believe positive end-of-Phase II discussions with the FDA for the treatment of female sexual dysfunction (FSD) provide a path forward to eventual approval. Based on our KOL diligence and reflected in our estimates, FSD has billion-dollar-plus annual sales potential in the United States. However, historical overhangs for BMT plus recent mis-steps by other players in the space and a general lack of relevant benchmarks have likely left many investors on the sidelines. Possible near-term catalysts include a U.S./ex-U.S. partnerships for BMT, perhaps before YE'13, and initiation of two pivotal Phase III studies in 4Q13. Our diligence provides our differentiated view on the likelihood of Phase III success, approvability and commercial potential, supporting our Overweight rating and $2 price target.”
Palatin Technologies closed on Thursday at $0.58.