HC Wainwright Reaffirms Buy Rating for Palatin Technologies (NYSEAMERICAN:PTN)

HC Wainwright reaffirmed their buy rating on shares of Palatin Technologies (NYSEAMERICAN:PTN) in a report published on Thursday, Benzinga reports. They currently have a $17.00 price target on the biopharmaceutical company’s stock.

Palatin Technologies Stock Performance

Palatin Technologies stock opened at $2.11 on Thursday. Palatin Technologies has a 12-month low of $1.43 and a 12-month high of $5.65.

Palatin Technologies (NYSEAMERICAN:PTN) last released its earnings results on Wednesday, February 14th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.36). Palatin Technologies had a negative return on equity of 583.06% and a negative net margin of 445.12%. The firm had revenue of $2.03 million during the quarter, compared to analyst estimates of $2.28 million. During the same quarter last year, the company earned ($0.13) earnings per share. As a group, research analysts predict that Palatin Technologies will post -2.36 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Palatin Technologies stock. Armistice Capital LLC purchased a new stake in Palatin Technologies, Inc. (NYSEAMERICAN:PTN) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 590,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,348,000. Armistice Capital LLC owned about 4.29% of Palatin Technologies at the end of the most recent quarter. 11.50% of the stock is owned by institutional investors and hedge funds.

Palatin Technologies Company Profile

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.