Fixed: Canaccord Highlights Upcoming Catalysts For Palatin Technologies, Inc. (PTN) Bulls
John Newman continues to expect NDA in 2018 for bremelanotide, while pipeline moves forward.
John Newman of Canaccord reiterates his Buy rating on shares of Palatin Technologies, Inc. (NYSEMKT:PTN), as he becomes increasingly bullish on the pharmaceutical company given a series of incremental catalysts. With a huge upside of over 850%, the analyst’s price target stands at $6.00. (To watch Newman’s track record, click here)
Newman noted, “We continue to expect a bremelanotide NDA filing by early 2018, based on a positive pre-NDA meeting with the FDA. Based on the NDA filing timeline, we see a potential US launch in 1Q19 but note that PTN intends to enter the EU market through partnerships, which we view as an appropriate approach to market entry given the firm’s resources and intention to focus on early pipeline development. We will continue to monitor PTN’s developments on EU partnerships.”
“PTN is planning for a Phase 2a trial for PL-3994 in heart failure with preserved ejection fraction (HF-pEF) by YE17, with data expected in 2018 that could provide additional proof of concept. We believe PL-3994 has a considerable chance for positive development, given that its MoA is similar to that of Entresto (Novartis), which was approved in 2015 for HF with reduced EF. HF-pEF currently has no approved treatment, which is a potentially lucrative opportunity for PTN to branch out from its current disease focus. We will wait for further trial design details to assess the likelihood of success for PL-3994,” the analyst continued.
As of this writing, all the 3 analysts polled in the past 12 months rate Palatin stock a Buy. With a return potential of 715%, the stock’s consensus target price stands at $4.83.