Roth Capital Affirms Palatin Technologies (PTN) at 'Buy'; Q1 Solid and Partnership Potential is Robust
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Roth Capital affirms Palatin Technologies (NYSE: PTN) at Buy with a price target of $7 following FQ117 results released earlier Tuesday.
Analyst Joseph Pantginis commented today:
In our eyes, Palatin is now positioned as a significantly de-risked company due to the two highly statistically significant Phase IIIs in hand for BMT. We also believe that these data are solidifying the company's ability to sign a major partnership. The lead obstacle at this point for the company, in our belief, is its funding requirements in the interim, which also certainly play into partnering discussions as well. The company is flexible with regard to the type of transaction it is amenable to including: 1) "baton pass" to partner, including upfront, milestones and royalties, 2) acquisition of asset by a company, and 3) acquisition of the company. Potential collaborators have shown great enthusiasm, especially because of the major differentiating factors when compared to the first approved drug for HSDD, Addyi, and its Black Box warnings such as alcohol interactions not seen with BMT. The company hopes to enter into a collaboration sometime between the release of topline data and mid-2017.
In addition, there are no competitor products trailing close behind BMT placing the company in a strong position. On the manufacturing front, capacity is "stage appropriate" with Ypsomed making the device and Catalent doing the fill+finish. A little more work is required to transition from semi-auto to automatic manufacturing.
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