Palatin Technologies, Inc. (NYSEAMERICAN: PTN) is having a great day in the market today, and for good reason. The company announced positive clinical data, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The clinical data;
- what we’re seeing from PTN stock as a result; and
- what we’ll be watching for ahead.
PTN Stock Gains On Positive Clinical Data
As mentioned above, Palatin Technologies is having a great day in the market after the company announced positive clinical data. The data came by way of press release early this morning.
In the release, the company provided the results of a micro-dose study of radiolabeled PL-8177 using an oral, delayed-release, polymer formulation. PTN said that the study met all primary and secondary endpoints.
The company also pointed out that PL-8177 is a patented melanocortin receptor 1 agonist with potential application in the treatment of ulcerative colitis and other inflammatory bowel diseases.
In the study, the company’s main objective was to demonstrate release of polymer-bound PL-8177 in the lower gastrointestinal tract after oral administration. Top line data showed favorable pharmacokinetics, and demonstrated that PL-8177 was released in the lower gastrointestinal tract.
The company also said taht the secondary objective was met. This was the demonstration that PL-8177 is not systemically absorbed after oral administration.
In a statement, Dr. Carl Spana, President and CEO at PTN, had the following to offer:
The results of this study support moving forward with development of polymer-bound PL-8177 to deliver drug to the lower gastrointestinal tract to treat ulcerative colitis and other inflammatory bowel diseases.
Importantly, this study demonstrates that our oral, delayed-release polymer formulation of PL-8177 can deliver peptide to the diseased region of the bowel, without systemic uptake. The melanocortin receptor 1 is a novel target for treating ulcerative colitis and other inflammatory diseases, as it is present on the interior wall, or lumen, of the colon and lower gastrointestinal tract.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. When it comes to Palatin Technologies, the news proved to be overwhelmingly positive.
After all, the data announced today show that PL-8177 is proving to be safe and well-tolerated. Moreover, the drug is effectively finding its way to its target. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top in the market this morning.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:33), PTN is trading at $1.04 per share after a gain of $0.058 per share or 5.87% thus far today.
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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 continued devleopment of PL-8177, as well as the rest of the company’s clinical pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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