NEW YORK (TheStreet) -- Palatin Technologies (PTN - Get Report) shares are up by 4% to 99 cents per share on heavy trading volume on Wednesday afternoon, after the Food and Drug Administration approved the first drug to treat low sexual desire in women yesterday.

The FDA said that the drug, Addyi, will only be available through certified and specially trained health care professionals and pharmacies due to its safety issues.

"This is the biggest breakthrough in women's sexual health since the advent of 'the Pill' for contraception. "It validates (and) legitimizes female sexuality as an important component of health," The National Consumers League said in a statement, according to Reuters.

Joe Pantginis, an analysts at Roth Capital, published a report on Friday saying that a positive ruling on the drug would reduce the regulatory hurdles Palatin would have to go through to get its own treatment candidate, bremelanotide, approved. 

Separately, TheStreet Ratings team rates PALATIN TECHNOLOGIES INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate PALATIN TECHNOLOGIES INC (PTN) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow and poor profit margins."

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