Investment View (over the next 12 months) - PTD has encouraging...

Investment View (over the next 12 months) - PTD has encouraging medium-term prospects. After a steep share price decline from Nov-04, PTD has again found investor support since mid May-05. Biotechnology sector sentiment is still poor in Australia and we expect price volatility for PTD to continue. However, US sentiment to the biotech sector has improved considerably over the past few months and we anticipate that a favourable flow-on effect will be felt in our market before the end of the year. We re-instate a BUY recommendation on PTD.