Roth Capital Reiterates Buy On Palatin Technologies, Keeps $6 Price Target
In a research note released today, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Palatin Technologies Inc. (PTN) and a price target of $6.00 a share, which represents a potential upside of 482% from where the stock is currently trading.
Pantginis noted, “We remind investors that Palatin’s potential ex-U.S. partner recently exercised its option to enter into a definitive agreement for Palatin’s BMT for female sexual dysfunction. Recall that the company indicated that the two parties have all the essential terms in place and are just finalizing the agreement at this point. We believe that once the partnership is announced, it will have two positive results; 1) provide investors with important visibility as to financial terms and the path for the Phase III and 2) potentially accelerate the signing of a U.S. partnership as well. As the partnering landscape plays out, we now look forward to the start of the large randomized Phase III program following statistically significant randomized Phase II data previously. We expect that Palatin’s shares will react positively following the final announcement of the ex-U.S. partnership and reiterate our Buy rating”.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Joseph Pantginis currently has an average return of -7.3% and a 35% success rate. Pantginis has a -17.8% average profit recommending PTN, and he is ranked #3082 out of 3141 analysts.