HC Wainwright Increases Palatin Technologies (NYSEAMERICAN:PTN) Price Target to $5.00

Palatin Technologies (NYSEAMERICAN:PTN) had its price objective increased by stock analysts at HC Wainwright from $2.00 to $5.00 in a report issued on Wednesday, The Fly reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the company. Zacks Investment Research lowered Palatin Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, October 5th. LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $2.00 target price on shares of Palatin Technologies in a research report on Thursday, September 30th. One analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $2.63.

Shares of PTN opened at $0.34 on Wednesday. Palatin Technologies has a 52-week low of $0.33 and a 52-week high of $1.30. The firm has a market capitalization of $79.58 million, a PE ratio of -2.46 and a beta of 1.10.

Palatin Technologies (NYSEAMERICAN:PTN) last released its quarterly earnings data on Monday, November 15th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.03). The firm had revenue of $0.16 million for the quarter. During the same quarter last year, the business posted ($0.02) earnings per share. On average, sell-side analysts expect that Palatin Technologies will post -0.14 earnings per share for the current year.

Several large investors have recently bought and sold shares of PTN. BlackRock Inc. increased its holdings in shares of Palatin Technologies by 771.0% in the second quarter. BlackRock Inc. now owns 10,669,330 shares of the biopharmaceutical company’s stock worth $10,348,000 after purchasing an additional 9,444,346 shares during the period. Broadfin Capital LLC bought a new position in shares of Palatin Technologies in the fourth quarter worth $1,943,000. Acadian Asset Management LLC increased its stake in Palatin Technologies by 67.4% in the first quarter. Acadian Asset Management LLC now owns 5,433,055 shares of the biopharmaceutical company’s stock valued at $2,302,000 after acquiring an additional 2,187,489 shares during the last quarter. Baker BROS. Advisors LP bought a new position in Palatin Technologies in the third quarter valued at $1,289,000. Finally, Northern Trust Corp increased its stake in Palatin Technologies by 524.9% in the second quarter. Northern Trust Corp now owns 2,082,532 shares of the biopharmaceutical company’s stock valued at $2,020,000 after acquiring an additional 1,749,255 shares during the last quarter. Hedge funds and other institutional investors own 9.78% of the company’s stock.

Palatin Technologies Company Profile

Palatin Technologies, Inc is a biopharmaceutical company, which engages in the development of medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product candidate is marketed under the Vyleesi brand, the trade name for bremelanotide, a peptide melanocortin receptor 4 agonist for the treatment of premenopausal women with acquired, generalized, hypoactive sexual desire disorder (HSDD).

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