Palatin Technologies, Inc. (NYSEMKT:PTN) shares jumped 18% today after the company’s key pipeline drug bremelanotide, designed to treat female sexual dysfunction (FSD), hit the co-primary endpoints in two Phase 3 trials for Hypoactive Sexual Desire Disorder (HSDD), indicating a statistically significant benefit compared to the placebo arm.

In reaction, Canaccord analyst John Newman reiterated a Buy rating on shares of Palatin Technologies, with a price target of $6.00, which implies an upside of 953% from current levels.

Newman noted, “Palatin pre-specified n=9 secondary endpoints, for which data are not yet available, but we expect data including satisfying sexual events at an upcoming scientific meeting. Importantly, we believe that bremelanotide will show a statistically significant benefit for SSEs vs placebo, similar to what was demonstrated in the Phase 2b study, where bremelanotide showed an ~0.5 point increase.”

“We expect partnership discussions to accelerate, especially as additional data analyses for bremelanotide are available, with a partnership update possible by YE16. We believe Palatin is in a stronger position to execute a partnership as it reacquired ex-US rights from Gideon Richter previously. Importantly, Palatin believes a partner is optimal to unlock the full commercial potential for bremelanotide, although the company is fully capable of managing the NDA submission expected during 2H17,” Newman added.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst John Newman has a yearly average loss of 18.1% and a 25.5% success rate. Newman has a 30.2% loss return when recommending PTN, and is ranked #4036 out of 4173 analysts.