Palatin Technologies, Inc. (NYSEMKT: PTN) is having an incredibly strong day in the market today. The gains seem to be associated with reports that can be traced back to Wall Street Whispers, suggesting that Merck & Co. is interested in one of the company’s pipeline drugs. Of course, this led to excitement among investors, sending the stock climbing. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:19), PTN is trading at $0.50 per share after a gain of $0.05 per share (11.48%) thus far today.
MRK May Be Interested In Bremelanotide By PTN
As mentioned above, Palatin Technologies is having a pretty strong day in the market today, as rumors broke surrounding the company. According to Wall Street Whispers, and various other outlets since, sources say that Merck is talking to AMAG Pharmaceuticals with regard to Bremelanotide, as the treatment continues to show success.
According to the reports, sources suggest that Merck is currently trying to buy the exclusive North American license agreement for the PTN treatment. The license agreement is currently held by AMAG Pharmaceuticals. Nonetheless, if MRK does purchase the license agreement and the treatment is approved, chances are that commercialization of the treatment will be overwhelmingly positive. So, there’s good reason for the excitement here.
Nonetheless, it’s important to remember that, at the moment, there has been no confirmation from AMAG, MRK, or PTN with regard to the potential purchase of the license agreement. As a result, the stories are nothing more than rumors at this point. When we see rumors, it’s important that we remind our readers to trade with caution. After all, most market rumors prove to be invalid in time. Nonetheless, considering the details associated with this one, there’s a good chance that the rumor is based in fact.
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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’ll be following the story surrounding the potential of MRK purchasing the license agreement for Bremelanotide. Nonetheless, we’ll continue to follow the story and bring the news to you as it breaks!
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