HC Wainwright: Why The Upside Potential For Palatin Technologies Is Nearly Fivefold

Palatin Technologies, Inc. (NYSE: PTN), a biopharmaceutical company that focuses on treatments for diseases with significant unmet medical needs, boasts a lead asset, bremelanotide, that has an "arousing number of major boxes checked," according to H.C. Wainwright.

The Analyst

H.C. Wainwright & Co's Joseph Pantginis initiated coverage of Palatin Technologies' stock with a Buy rating and $5 price target.

The Thesis

Bremelanotide, a treatment for hypoactive sexual desire disorder in women, offers investors a "derisked opportunity" for three reasons, Pantginis said in the initiation note. They are:

• A New Drug Application was already filed with the FDA on March 26.
• Two Phase 3 studies yielded positive results.
• A North American partnership is already in place with AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG).
• Regional partnerships in China and Korea are already established.

Four more potential catalysts are not presently reflected in Palatin's share price, Pantginis said: 

• Expectations for a partnership in Europe.
• The potential to become the first company to have a first-in-class and best-in-class drug for an unaddressed market.
• Expectations for full FDA approval.
• A management team with proven execution.

Price Action

Shares of Palatin Technologies were trading higher by 3.33 percent at the time of publication Friday. 

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