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UPDATE: Piper Jaffray Initiates Palatin Technologies at Overweight Following End of BMT Testing

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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.

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.

Latest Ratings for PTN

Jun 2015Canaccord GenuityMaintainsBuy
Mar 2015Canaccord GenuityInitiates Coverage onBuy
Jun 2013PiperJaffrayInitiates Coverage onOverweight

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Posted-In: Charles C. Duncan Piper JaffrayAnalyst Color Initiation Analyst Ratings


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