Palatin Technologies (NYSEAMERICAN:PTN) Issues Earnings Results, Misses Estimates By $0.53 EPS

Palatin Technologies (NYSEAMERICAN:PTNGet Rating) issued its earnings results on Thursday. The biopharmaceutical company reported ($1.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.53), RTT News reports. During the same period last year, the business posted ($1.50) EPS.

Palatin Technologies Trading Down 12.4 %

Palatin Technologies stock opened at $6.95 on Friday. The company has a market cap of $64.41 million, a price-to-earnings ratio of -46.33 and a beta of 0.79. Palatin Technologies has a 52-week low of $4.00 and a 52-week high of $24.00.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PTN. LADENBURG THALM/SH SH boosted their target price on shares of Palatin Technologies to $50.00 and gave the company a “buy” rating in a research report on Friday, September 9th. HC Wainwright reissued a “buy” rating and set a $70.00 target price on shares of Palatin Technologies in a research note on Thursday, September 8th.

Hedge Funds Weigh In On Palatin Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PTN. Vanguard Group Inc. lifted its holdings in shares of Palatin Technologies by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,559,564 shares of the biopharmaceutical company’s stock worth $4,398,000 after purchasing an additional 48,812 shares in the last quarter. State Street Corp lifted its holdings in shares of Palatin Technologies by 8.2% in the 1st quarter. State Street Corp now owns 757,455 shares of the biopharmaceutical company’s stock worth $349,000 after purchasing an additional 57,440 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Palatin Technologies by 388.0% in the 2nd quarter. Renaissance Technologies LLC now owns 226,900 shares of the biopharmaceutical company’s stock worth $64,000 after purchasing an additional 180,400 shares in the last quarter. 8.79% of the stock is currently owned by institutional investors.

Palatin Technologies Company Profile

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Palatin Technologies, Inc, a biopharmaceutical company, develops targeted receptor-specific therapeutics for the treatment of various diseases in the United States. The company's lead product is Vyleesi, a melanocortin receptor (MCr) agonist for the treatment of premenopausal women with hypoactive sexual desire disorder.

See Also

Earnings History for Palatin Technologies (NYSEAMERICAN:PTN)

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