H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Palatin Technologies (AMEX: PTN) today and set a price target of $5. The company’s shares opened today at $0.95.
Pantginis noted:
“We attribute this to the relaunch of and its first-to-market status, following reacquisition of the drug from the complete failure of the launch in Valeant’s hands. Sprout’s relaunch of the drug is based on the following parameters: (1) lowering the monthly price of the drug to $400 from $800; and (2) focusing its marketing effort on telehealth, or rather obtaining a prescription by phone with about five questions from a physician (we believe Sprout does not have the finances to field a salesforce). Overall, we believe the weakness is unwarranted based on our investment case for bremelanotide (discussed below) and Palatin overall. First-to-market status still not a good thing; don’t forget Addyi’s sketchy history.”
According to TipRanks.com, Pantginis has 0 stars on 0-5 star ranking scale with an average return of -9.4% and a 37.0% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Checkpoint Therapeutics Inc.
Palatin Technologies has an analyst consensus of Moderate Buy, with a price target consensus of $5.
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Palatin Technologies’ market cap is currently $183.8M and has a P/E ratio of 7.44. The company has a Price to Book ratio of 17.97.
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Palatin Technologies, Inc. is a biopharmaceutical company which develops targeted, receptor-specific peptide therapeutics for the treatment of diseases. It specializes in molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.
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