Palatin Technologies (NYSE:PTN) investors are anteing up, sending shares on a nice 5% bump today after the drug maker just won over a new bull: H.C. Wainwright analyst Joseph Pantginis. Cheekily noting that the company boasts “an arousing number of major boxes checked,” the analyst spotlights lead Hypoactive Sexual Desire Disorder (HSDD) asset bremelanotide as one worth the bullish bet.

Therefore, the analyst initiates coverage on Palatin with a Buy rating and a $5 price target, which implies a massive close to 297% upside from current levels. (To watch Pantginis’ track record, click here)

Here’s the thing- Pantginis cheers he is “feeling real good about bremelanotide’s shot,” as he sees a biotech program that is “significantly derisked.” The drug designed to treat premenopausal women offers a “derisked opportunity for investors” to take the gamble, writes Pantginis who sees key advantages weighing in favor of bremelanotide’s success: “1) NDA filed with FDA (March 26, 2018); 2) two positive Phase 3 studies in 1,267 patients (RECONNECT studies), supported by positive Phase 2b study in 394 patients; 3) North American partnership in hand with AMAG Pharmaceuticals […]; and 4) regional partnerships for China and Korea. Looking forward, we believe share catalysts include: 1) our projection for an E.U. partnership; 2) the potential to be both first-in, and best-in-class for an unaddressed market; 3) our projection for FDA approval; and 4) management’s proven execution to progress a drug through Phase 3 and deliver partnerships.”

Moreover, this is a drug whose data has hit home runs “consistently” against its competition Valeant’s potential ‘female Viagra’ Addyi. To put it bluntly, Palatin’s drug is in a “superior position” against Addyi, and Pantginis boldly writes, “valuation appears sexy to us;” especially when judging the size of the initial prospective addressable market for Palatin’s lead asset.

Finding the Street is undervaluing this promising biotech player, Pantginis concludes on a note of confidence, advising investors to take the gamble: “Currently, we do not believe these checked boxes and projected catalysts are reflected in the share price, presenting a compelling opportunity for investors, in our belief, as well as what we consider to be a free option on the pipeline assets.”

Early word shines for the bulls when it comes to Palatin’s market opportunity, according to TipRanks analytics. All 3 analysts polled in the last 12 months rate a Buy on the drug maker. The 12-month average price target stands at $4.17, marking a substantial nearly 231% in return potential from where the stock is currently trading.