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H.C. Wainwright Pounds the Table on Palatin Technologies (PTN)


H.C. Wainwright analyst Joseph Pantginis was out pounding the table on shares of Palatin Technologies (NYSEAMERICAN:PTN), reiterating a Buy writing and price target of $5.00, which represents a potential upside of 393% from where the stock is currently trading.

Palatin shares slipped below $1.00 yesterday and Pantginis attributes the weakness to the relaunch of Addyi by Sprout, and its first-to-market status. Overall, Pantginis believes the weakness is unwarranted based on his investment case for the company’s ‘female Viagra’ bremelanotide and Palatin overall.

“We believe that the relaunch of Addyi has one singular advantage; education and visibility for hypoactive sexual desire disorder (HSDD), which should help the market for bremelanotide. However, we continue to believe that Addyi is an inferior drug and need to remind investors of its history […] Where bremelanotide looks to differentiate itself from Addyi is its potentially market leading profile, which includes: (1) given on demand vs. Addyi chronic dosing; (2) rapid onset of action (treatment effect 8-10 hours); (3) no interaction with alcohol (clinical study completed to test this); and (4) no boxed warning or REMS anticipated,” Pantginis wrote.

As usual, we recommend taking analyst notes with a grain of salt. They are often successful in moving the stock price, but you always need to take things into perspective.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a yearly average return of -9.4% and a 37% success rate. Pantginis has a -22.7% average return when recommending PTN, and is ranked #4788 out of 4830 analysts.

Aside from this rating, PTN has received two other Buy ratings in the last six months. The 12-month average price target of $4.67 boasts potential upside of over 367% from where the stock is currently trading.

Palatin is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases and conditions with significant unmet medical need and commercial potential.