Palatin Technologies (PTN) Posts Earnings Results

Palatin Technologies (NYSEAMERICAN:PTN) announced its quarterly earnings data on Monday. The biopharmaceutical company reported $0.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.19, Morningstar.com reports. The company had revenue of $10.61 million during the quarter. Palatin Technologies had a return on equity of 10,489.06% and a net margin of 39.36%. During the same quarter last year, the firm posted ($0.06) earnings per share.

Shares of Palatin Technologies (NYSEAMERICAN PTN) traded up $0.03 during trading hours on Tuesday, hitting $0.92. The company had a trading volume of 495,741 shares, compared to its average volume of 1,211,004. Palatin Technologies has a 52 week low of $0.29 and a 52 week high of $1.05. The company has a market cap of $174.44, a P/E ratio of 17.80 and a beta of 1.82.

A number of research analysts recently issued reports on the company. Canaccord Genuity set a $6.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research note on Monday, November 13th. Zacks Investment Research downgraded Palatin Technologies from a “buy” rating to a “strong sell” rating in a research note on Wednesday, November 1st. Finally, Roth Capital set a $2.00 price objective on Palatin Technologies and gave the company a “buy” rating in a research note on Sunday, October 29th.

Hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its stake in Palatin Technologies by 500.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 151,473 shares of the biopharmaceutical company’s stock worth $101,000 after purchasing an additional 126,236 shares during the period. Wells Fargo & Company MN boosted its stake in Palatin Technologies by 79,946.5% in the 4th quarter. Wells Fargo & Company MN now owns 160,093 shares of the biopharmaceutical company’s stock worth $137,000 after purchasing an additional 159,893 shares during the period. Russell Investments Group Ltd. bought a new position in Palatin Technologies in the 3rd quarter worth approximately $149,000. Arrowstreet Capital Limited Partnership bought a new position in Palatin Technologies in the 4th quarter worth approximately $149,000. Finally, Virtu Financial LLC boosted its stake in Palatin Technologies by 87.0% in the 4th quarter. Virtu Financial LLC now owns 632,045 shares of the biopharmaceutical company’s stock worth $543,000 after purchasing an additional 294,098 shares during the period.

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About Palatin Technologies

Palatin Technologies, Inc is a biopharmaceutical company. The Company is engaged in developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Its programs are based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems.

Earnings History for Palatin Technologies (NYSEAMERICAN:PTN)

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