In a research report released Tuesday, Canaccord analyst John Newman reiterated a Buy rating on shares of Palatin Technologies, Inc. (NYSEMKT:PTN) with a $6.00 price target, as the pharmaceutical company is expected to release top-line data from its two Phase 3 bremelanotide trials in Female Sexual Dysfunction. Shares of Palatin Technologies are currently trading at $0.528, down $0.029 or -5.21%.

Newman noted, “We do not believe that the recent FDA meeting regarding the statistical analysis plan is a concern; rather, we believe Palatin received clarification on the details of its existing Statistical Analysis Plan (SAP). Palatin expects database lock at the end of 3Q16 and top-line data, including a conference call, in early 4Q16.”

“We remind investors that the bremelanotide profile is very different from Valeant’s Addyi, which has had a poor commercial launch. Importantly, bremelanotide does not interact with alcohol, whereas Addyi does,” the analyst added.

Bottom line: “We maintain our BUY rating and $6 PT, based on our expectation for positive Phase 3 data for bremelanotide in 4Q16. Palatin has ~$9.3M in cash, equivalents, and availablefor-sale securities, and we expect the company to raise additional funds should the Phase 3 trials be successful.”

As usual, we recommend taking analyst notes with a grain of salt. According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst John Newman has a yearly average return of -10.9% and a 34% success rate. Newman has a -33.6% average return when recommending PTN, and is ranked #4033 out of 4166 analysts.

In addition to Canaccord, Roth Capital’s Joseph Pantginis rates PTN a Buy with a $4.00 price target.