Palatin Technologies is nearing a few major announcements on its pipeline status, with a new NDA in the process on erectile dysfunction ($4.5 billion dollar market) in the second quarter of 2010 according to some expert sources, and the technicals couldn’t be more prime for gains. Unlike other sexual stimulants such as Viagra, Palatin’s flagship (currently in phase IIb) product is also geared for women’s sexual dysfunction which is aimed at stimulating the genetilea and mental receptors of sexuality, something which has never been done before and would mark a new medical advancement in women’s care. This would prove to be one of the most profitable medical breakthrough in 2010, which could shoot the company’s shares back above the 52 week high of $0.475, representing significant gains from current prices of $0.29 for new and potential investors.
Pending News and Announcements
- Sub-Q Brem Blood Pressure results due sometime this quarter, along with rumours of a major partnership
- Phase I initiation for Obesity drug, which would trigger another milestone payment of $2.5M
- Pending partnership for CHF drug, sources state it could be as soon as within the next two weeks
- Female Brem update announcement coming shortly
From a technical standpoint, Palatin is set for a major breakout based on the “Triple Bottom” chart pattern. Indicated by the black circles, the stock’s price has fallen to the mid $0.20s support twice in the past, and both times it has risen significantly in a short period of time. It is clear that daily traders are taking advantage of this opportunity just as much as long term are in adding to their positions. The pending news anticipation couldn’t come at a better time, as the Relative Strength Index (RSI) depicts a neither oversold nor overbought stock which is prime for a breakout should an inflow of buyers begin to take charge.
A strong support of $0.27 at the 50 DMA has now been set forth, with mild resistance located at the $0.30, the 200 DMA. Should that be broken, we could see the stock really shoot up ot the mid $0.30s region, which would represent significant gains from current market price. MACD divergence being above the 0 mark has also confirmed that a positive sentiment is beginning to flow through, all that remains is confirmation by large volume buys as institutions step in due to the anticipation of NDA news on their flagship product for erectile dysfunction.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. (Palatin) is a biopharmaceutical company engaged in the development of peptide, peptide mimetic and small molecule compounds with a focus on melanocortin and natriuretic peptide receptor systems. The Company has a diverse pipeline of development programs, including development of proposed products for treatment of heart failure (NYSE:HF), sexual dysfunction, obesity, diabetes and metabolic syndrome. As of June 30, 2009, Palatin’s products under development included bremelanotide, a peptide melanocortin receptor, for treatment of sexual dysfunction, targeting female sexual dysfunction (NYSE:FSD) and erectile dysfunction (NYSE:ED) in patients non-responsive to current therapies, PL-6983, a peptide melanocortin receptor agonists, for treatment of sexual dysfunction; PL-3994, a peptide mimetic natriuretic peptide receptor A (NPRA) agonist, for treatment of HF and melanocortin receptor-based compounds for treatment of obesity and related metabolic syndrome.Disclosure: Long PTN
Disclosure: Long PTN