Palatin initiated with a Buy at Alliance Global

Alliance Global initiated coverage of Palatin (PTN) with a Buy rating and $50 price target Palatin utilizes its expertise in the melanocortin receptor system to develop molecules for the treatment of unmet medical needs, the analyst tells investors in a research note. The firm believes the company’s PL7737, an oral MC4R agonist for the treatment of obesity, can be approved and generate significant revenues for the indication of hypothalamic obesity.