Palatin Technologies, Inc. (NYSEAMERICAN: PTN) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company released news with regard to an FDA clearance, leading to excitement among investors and sending the stock toward the top. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for ahead.
PTN Gains On FDA News
As mentioned above, Palatin Technologies is having an incredibly strong start to the trading session in the pre-market hours this morning after announcing news with regard to an FDA clearance.
In a press release offered early this morning, PTN informed investors that the United States Food and Drug Administration (FDA) has informed the company that it may proceed with a clinical investigation. This clinical investigation surrounds the company’s subcutaneous injection PL-8177 as a potential treatment for patients with ulcerative colitis.
In the press release, PTN said that it is expecting to move forward with a Phase 1 single and multiple ascending dose study in the current quarter. The PL-8177 treatment is a selective melanocortin receptor 1 (MC1r) agonist peptide and is currently the lead development candidate at PTN. In a statement, Carl Spana, Ph.D., President and CEO at PTN, had the following to offer:
“The FDA’s acceptance of this IND application is an important milestone for Palatin, as we accelerate our drug discovery programs following the successful licensing of bremelanotide for hypoactive sexual desire disorder… We are excited about the potential of modulating the melanocortin systems in the treatment of a wide variety of disease, and have multiple programs to develop melanocortin based therapeutics for patients with inflammatory diseases.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. In this particular case, the news surrounding Palatin Technologies proved to be overwhelmingly positive, leading to an overwhelmingly positive reaction in the market. At the moment (8:43), PTN is trading at $0.92 per share after a gain of $0.08 per share (9.52%) thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PTN. In particular, we’re interested in following the story surrounding PL-8177. With the FDA clearance to get the clinical trials underway, there’s a lot to be excited about at the moment. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!