Canaccord Sees Over 500% Upside For Palatin Technologies, Inc. (PTN)
Canaccord analyst John Newman is out with a bullish note on shares of Palatin Technologies, Inc. (NYSEAMERICAN:PTN), as the drug maker just released it’s fiscal second-quarter results. The analyst reiterates a Buy rating on PTN with a price target of $6.00, which implies an upside of 567% from current levels.
Newman wrote, “We continue to expect a bremelanotide NDA filing by end of 1Q18, based on a positive pre-NDA meeting with the FDA, and anticipate subsequent FDA approval. We note that the company has confirmed that the FDA will be holding an advisory panel meeting for the NDA. PTN is partnering with AMAG Pharmaceuticals on completing the NDA. We currently project a 1Q19 US launch and expect PTN to seek partnerships for EU launch, which we view as an appropriate market entry strategy given the firm’s resources and intention to focus on early pipeline development. PTN will be developing and commercializing bremelanotide for female sexual dysfunction (FSD) with Fosun Pharmaceutical for mainland China, Taiwan, Hong Kong, and Macau, and with Kwangdong Pharmaceutical for the Republic of Korea.”
According to TipRanks.com, 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 42% success rate. Newman has a 9.5% average return when recommending PTN, and is ranked #389 out of 4728 analysts.
Besides Newman, Ladenburg analyst Michael Higgins also rates PTN a Buy, but with a price target of $12.00.