Palatin's stock rockets after FDA OK to market sexual desire disorder treatment

Shares of Palatin Technologies Inc. PTN, +4.69% rocketed 27% in very active premarket trading Monday, after a positive Food and Drug Administration decision on

, +4.06% treatment for hypoactive sexual desire disorder triggered a $60 million milestone payment. Trading volume was over 2.9 million shares, making Palatin's stock the most actively traded ahead of the open. The FDA granted marketing approval for 's stock surged 8.1% ahead of the open. The company expects to receive the milestone payment in July. Based on the license agreement with

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