Palatin Technologies (PTN) PT Set at $5.00 by HC Wainwright

HC Wainwright set a $5.00 price target on Palatin Technologies (NYSEAMERICAN:PTN) in a research note published on Thursday, September 13th. The firm currently has a buy rating on the biopharmaceutical company’s stock.

PTN has been the subject of several other reports. Zacks Investment Research cut Palatin Technologies from a hold rating to a sell rating in a report on Friday, June 8th. LADENBURG THALM/SH SH initiated coverage on Palatin Technologies in a report on Wednesday, June 27th. They issued a buy rating and a $3.00 target price for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $4.00.

PTN traded up $0.01 during trading hours on Thursday, reaching $0.98. 649,500 shares of the company’s stock traded hands, compared to its average volume of 1,632,713. Palatin Technologies has a 52-week low of $0.69 and a 52-week high of $1.59.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its earnings results on Thursday, September 13th. The biopharmaceutical company reported $0.06 earnings per share for the quarter. Palatin Technologies had a return on equity of 155.80% and a net margin of 28.55%. The business had revenue of $20.62 million during the quarter, compared to analysts’ expectations of $6.03 million. During the same period in the prior year, the business earned ($0.02) EPS.

Several hedge funds and other institutional investors have recently modified their holdings of PTN. Rhumbline Advisers purchased a new stake in shares of Palatin Technologies during the 2nd quarter worth $168,000. Citadel Advisors LLC increased its position in Palatin Technologies by 130.8% during the 1st quarter. Citadel Advisors LLC now owns 173,790 shares of the biopharmaceutical company’s stock valued at $189,000 after buying an additional 98,483 shares in the last quarter. Globeflex Capital L P acquired a new position in Palatin Technologies during the 2nd quarter valued at about $211,000. Millennium Management LLC increased its position in Palatin Technologies by 1,031.6% during the 4th quarter. Millennium Management LLC now owns 272,717 shares of the biopharmaceutical company’s stock valued at $234,000 after buying an additional 248,617 shares in the last quarter. Finally, Element Capital Management LLC acquired a new position in Palatin Technologies during the 1st quarter valued at about $240,000.

Palatin Technologies Company Profile

Palatin Technologies, Inc, a biopharmaceutical company, develops targeted, receptor-specific peptide therapeutics for the treatment of various diseases in the United States. The company's principal product is Bremelanotide, an as needed subcutaneous injectable peptide melanocortin receptor agonist, which is in the Phase III clinical studies for the treatment of premenopausal women with hypoactive sexual desire disorder (HSDD).

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